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6 Key Estate Planning Strategies to Embrace in the New Year

01.01.24 P42 Paul Riffel Blog 1

As the New Year begins, did you know that it is the perfect time to reflect on your life and make plans for your future? We realize that estate planning might not be top of mind, but it is critical to be sure your wishes are honored and your loved ones are taken care of. We would like to share six key Florida estate planning tips for you to think about as you begin the New Year.

  1. Be sure your beneficiary designations are up-to-date. Retirement accounts, life insurance policies, and other financial products have beneficiary designations that need regular review. Keep in mind that changes in your life may necessitate updates to these designations to be sure they align with your current intentions.
  2. Be sure to regularly review and update life insurance policies. Review your life insurance policies to be sure they are in line with your current Florida estate planning goals. Remember, whenever your life circumstances and financial situation changes, so should your life insurance coverage.
  3. Be sure to plan for business succession. Do you own a business? Then it is extremely important to include succession planning in your Florida estate plan. Decide now who will take over the management of your business should something happen to you and be sure to work with your Florida estate planning attorney to outline the process in your Florida estate plan so that there is a smooth transition should something happen.
  4. Be sure to plan for digital assets. Because we are in the digital age, it is vital to include digital assets like social media accounts, online banking, and digital files in your Florida estate plan. You need to begin by making an inventory of these assets and work with your experienced Florida estate planning attorney to include instructions on how they should be handled.
  5. Be sure to review estate tax laws. Keep in mind that estate tax laws change, therefore, it is necessary that you stay informed. Consult with your experienced Florida estate planning attorney to review your plan in light of current tax laws and to understand how these laws might affect your estate.
  6. Be sure to think about charitable giving. Is philanthropy important to you? Then you might consider incorporating charitable giving into your Florida estate plan. This could be through specific bequests in your will, setting up a charitable trust, or designating a charity as a beneficiary of a retirement account.

Finally, it is important to remember, estate planning is a continuous process that requires regular updates and reviews. When you follow these six tips, you can be sure that your Florida estate plan is up-to-date and aligned with your current wishes. We encourage you to start the New Year with the peace of mind that comes from having a thoughtful, up-to-date Florida estate plan.

While this article might ignite more questions, it serves as a stepping stone towards understanding the nuanced world of power of attorney in Florida. When your family or financial health is on the line, trust attorney Paul Riffel to help you protect your interests and achieve your goals. Attorney Paul Riffel has been practicing law in Florida for over 41 years, focusing in the areas of Tampa estate planning and  family law. We encourage you to contact us and schedule a meeting with us.

Tampa Estate Planning Attorney

Paul Riffel Law is located in Tampa FL and serves clients in and around Brandon, Tampa, Valrico, Odessa, Thonotosassa, Gibsonton, Sydney, Dover, Land O Lakes, Oldsmar, Apollo Beach, Lithia, Safety Harbor, Trilby, Plant City, Durant, Holiday, Hillsborough County and Pasco County.

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