As the end of the calendar year approaches, it is important to take advantage of the annual Gift Tax exemption, which expires on December 31st and cannot be carried forward. If you are making gifts directly to your beneficiaries, it is crucial that such gifts be made in a timely manner so the checks are deposited before the end of the year. If you are making gifts by way of an Irrevocable Trust, it is important that any required documentation is prepared and waiting periods are complete before investing the assets.
Additionally, the end of the year is the ideal time to reflect on the changes in your family and financial situations over the past year and determine whether your existing documents require any changes or updates. If you postponed your planning for another year or are uncertain whether changes are required, it is best to contact an experienced estate planning attorney who will take the time to review your situation and existing documents and address any questions or concerns that you may have.