While the holiday season brings busy schedules, proactive planning allows you to capitalize on time-sensitive estate legal strategies, from updating fiduciaries and drafting core documents to executing annual gift tax exclusions and structuring charitable legacies. Whether you need to establish a comprehensive estate plan for the first time, revise existing documents to reflect life changes, or handle complex business succession transfers, working with an experienced estate planning attorney early ensures every document is properly executed before deadlines pass.
For All
- Start year-end planning well before the final days of December. Many valuable strategies require documents to be signed, valuations completed, assets transferred, or other steps to occur before year-end. Meeting with your legal, financial, and tax advisors early gives everyone time to turn good planning ideas into completed transactions.
- Complete charitable giving before applicable year-end deadlines. If charitable giving is part of your plan, complete charitable gifts, donor-advised fund contributions, or qualified charitable distributions by the appropriate deadlines to achieve the intended tax treatment.
- Consider not only how much you give to charity, but how you give. The structure of a charitable gift and the assets used can make a meaningful difference. Gifts involving appreciated property, business interests, retirement assets, and other assets may offer significant tax benefits depending on your circumstances.
Complete charitable gifts, donor-advised fund contributions, or qualified charitable distributions by the applicable year-end deadline to receive the intended tax benefit for that year.
For Individuals & Families
- Review your estate plan before the holiday rush. Take a moment to review the individuals you have nominated to serve in important roles within your estate plan and make sure each choice still reflects your wishes and circumstances.
- Give your future self the gift of a completed estate plan. If estate planning has remained on your to-do list, consider completing it before year-end. Your 2027 self will thank you!
- Complete annual gifts and the required documentation. Complete gifts to children, grandchildren, or irrevocable trusts before December 31 if they’re intended for that year, along with any required documentation, such as Crummey notices. Unused annual gift tax exclusions generally cannot be carried forward.
- Consider giving estate planning to the next generation. Parents may gift estate planning to their adult children, providing a practical, lasting gift that helps them protect their families, assets, and future wishes.
For Business Owners
- Complete planned transfers of business interests. Business owners who intend to gift ownership interests should work to complete necessary valuations, assignment documents, and ownership records before year-end so the transfer can be part of that year’s gifting strategy.
- Review potential business deductions with your professional advisors. Year-end is a good time to review professional services and other ordinary and necessary business expenses that may qualify for tax deductions.
- Coordinate your year-end business and tax planning. Working with your attorney, CPA, and other advisors can help identify planning opportunities and ensure you complete important legal, financial, and tax-related steps before the calendar year closes.
“Complete Transfers of Business Interests: Business owners planning to gift ownership interests should finalize the valuation, assignment documents, and ownership records before year-end so the transfer qualifies for that year’s gifting strategy.”
Schedule Your Year-End Estate Planning Review Today
Proper estate planning takes time to execute correctly, making early action essential before year-end deadlines arrive. Taking proactive action today ensures your assets are protected, your tax advantages are maximized, and your family’s future remains secure for generations to come.
At Evans & Davis, our team of experienced estate planning attorneys are ready to guide you through every step of the process and ensure your plan is fully executed before time runs out. Give yourself and your loved ones true peace of mind before the calendar turns.
Call 866-708-2335 or contact us online to schedule your year-end estate planning review today.
