End of Year Estate Planning Checklist

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year-end estate planning check list

Year-End Estate Planning for 2024

Not that we want to add to your “to do” list this time of year, yet you may want to review your estate plan and make adjustments. The following is a short check list to wrap up before the year end. These are easy to implement strategies that you can utilize prior to the end of 2024:

  • Make year-end annual exclusion gifts of $18,000 ($36,000 for married couples).
  • Make year-end IRA contributions.
  • Create 529 Plan accounts before year-end for children and grandchildren. Consider front-loading the accounts with five years’ worth of annual exclusions gifts, considering any gifts made during the year to children and grandchildren.
  • Pay tuition and non-reimbursable medical expenses directly to the school or medical provider.
  • Consider making charitable gifts (including charitable Individual Retirement Account (IRA) rollovers) before year-end to use the deduction on your 2024 income tax return.

The new year will bring a change in the presidency, a new Congress, and potential changes to policies and laws that could impact individuals of all wealth levels. Going into the election, estate tax laws were expected to be in a state of flux for 2025. After the election, they continue to be unpredictable, making now a great time to consider estate planning updates that take into consideration the current laws and future uncertainty.

As the end of 2024 draws near, it’s a great time to review your finances and prepare for a prosperous new year. Whether you’re cozying up by the fire or decorating with family, a little year-end financial planning can help you maximize savings, minimize taxes, and set yourself up for success in 2025. Contact us at info@madonia.com if you need help, have concerns or questions.