Year End Estate Planning Review

The end of the year brings not only the holiday season, but thoughts of things financial for some. With the calendar year end approaching, the astute individual will want to perform a year end review of their estate with a planning professional to ensure that they are on track to meet long term financial objectives.

Here are a few basic tasks to be considered:

Review Taxable Income of Your Estate – For those who’ve had strong earnings in the past twelve months, they and their estate planner should consider poor performing investments that can be used to offset increased earnings.

Fully Fund A Health Savings Account (HSA) – Putting as much money as allowed into an HSA can reduce tax burden, in some cases. This is especially true for families, where the pre-tax savings can be substantial.

Contribute the Maximum Amount to A Retirement Plan – Under the current tax law, individuals can contribute up to $18,500 in company sponsored retirement plans. For those who can afford it, it’s a win-win tax reduction and an excellent long term saving plan.

Consider Gifts and Donations  – For those with large estates, giving is a time-tested method for reducing an estate over the course of a lifetime and reducing the amount of tax due on the estate after the estate holder is gone.

There any many other ways to optimize your estate earnings and reduce your tax burden.

The lawyers at Leonard Sciolla are ready to assist you in handling your estate planning. For help with estate planning matters, call John Leonard or Heidi Anderson at (215) 567-1530  or through our contact page.