As Memorial Day weekend comes upon us, many are happy that a federal holiday has finally come around that they can take a day off. Some use the holiday as a barometer for what they have accomplished this year and what can be done before we count down to 2016.
For those who are editing their yearly to do list, hopefully estate planning has not been neglected. In a prior post we noted that creating (or at least editing) their plans should not go by the waste side. Essentially, there are numerous events during the year that should give people a reason (or at least a chance) to figure out a plan. With Memorial Day weekend upon us, and family gatherings scheduled, this is yet another time (and an opportunity) to cross another task off your list.
Indeed, we don’t intend to describe estate planning as a rudimentary “honey do” list item. After all, estate planning is more than just listing who gets what when you pass away. It is a way to ensure that your legacy is passed down to heirs and beneficiaries in the way you see fit. Estate planning is also about reducing the tax burden that could be imposed on those who inherit property, as well as any confusion that could occur between rival siblings (and in some cases, spouses).
With that said, we hope our readers have a wonderful and relaxing holiday weekend. We also hope that they take their estate planning goals seriously.