Estate planning over the holidays is probably something you haven’t considered. Yet, many families take vacations and have family get-togethers over the holiday season. After all, the focus is typically on families during this time of year.
Parents often don’t want to have the conversation about care preferences for their last days or how they want to pass on their legacy. Likewise, children don’t like to think about switching roles when the time comes for them to take care of their parents.
But think about this. The holidays arrive, and you’re off to visit your parents who have dementia, Alzheimer’s or some debilitating physical condition that has left them incapacitated. If you failed to have the estate planning conversation earlier, you’ll struggle with knowing how to care for them and carry out their wishes. If they had their presence of mind, they would regret putting you in this situation.
When you’re seeing early warning signs of forgetfulness or failing health in your parents, consider initiating the conversation to ensure estate planning is in place.
Advantages of Estate Planning over the Holidays
Loved ones are gathered together. Sometimes the holidays are your best opportunity for bringing together family members, who live in different parts of the country or world. With everyone together, it’s a convenient time for parents to tell their children about a trust, will or directive to physicians (living will). This conversation can assist your family in knowing your plans.
- Taking stock at the end of the year. The end of the year is a good time to take stock of any needed changes and make sure you have set up estate planning the way you want it.
- Tax planning. You can often revise estate planning to reduce taxes and shield assets.
- Gifting. If you have considerable assets, setting up charitable gifting or gifting money to beneficiaries can help you protect your assets.
At C.E. Borman & Associates, we can discuss options and give you legal help with evaluating the estate plan that is best for your particular circumstances.