Your Fall Legal Affairs Checklist
Now that Labor Day, the unofficial end of summer, has come and gone and the summer of 2018 is in your rear-view mirror, it’s an excellent time to review the state of your affairs. To help you do so, below is a legal affairs checklist to ensure your planning is up-to- date and meets your needs.
Fall 2018 Legal Affairs Checklist
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When was your power of attorney last updated?
A power of attorney is a valuable legal document, no matter what the circumstance. Not only is it flexible and can be prepared to meet your particular needs, but it can be made effective immediately or when you are unable to manage your own affairs. It is vital to review it periodically and replace it with a new one as necessary. This need may arise if you need to name a new person to help you or if you need to add or remove powers from the document.
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Does your trust/will still match your wishes?
Once a will or trust is created, many people simply put it in a safe place and forget about it. There are several reasons to review and update these estate planning instruments (and others) including marriage or divorce, birth or adoption of a child, a recent windfall of cash or assets, the purchase or sale of a home, or a recent move to another state or country. Your life changes so your will or trust must change too to ensure that your needs and desires continue to be met.
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Is your business paperwork in order?
Whether you own an LLC, corporation, or another type of business entity each year paperwork must be filed with the secretary of state and potentially other government agencies. Make sure all of your documents have been updated, fees have been paid, and licenses have been renewed. If they are not yet due, make sure to calendar these deadlines as to not miss them.
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Have you met with your tax advisor recently?
End-of-year planning is important when it comes to your taxes and potential liability, but this is especially true now in light of the 2017 tax changes passed by Congress – which is why we have included this on on our fall legal affairs checklist. The IRS has been busy releasing regulations and new forms so tax season will be much different next year. Learn about your options under the law ahead of time so you are not hit with a not-so-nice surprise come tax season.
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Have you met with the rest of your professional team?
Whether the market is a bear or bull, it is important to meet with your financial advisor to go over your investment results annually and put together an investment strategy for the upcoming year. For legal questions, it’s important to meet with your attorney before a legal situation becomes difficult to manage.
These are just some of the items you should focus on when considering your personal matters and ensuring your legal life is up-to-date.
Do Not Delay! We are Here to Help.
There are several reasons to review and update your legal matters, including your estate plan. Before you make any decisions be sure to contact your estate planning attorney and the rest of your professional team. Understanding how your wishes are affected by applicable law will help you make a more informed decision and protect you and your loved ones.
We hope that this legal affairs checklist has helped you to identify and prioritize the matters that require attention. If you have any questions about something you have read, or would like discuss your options for estate planning, special needs planning, Medicaid/long-term care planning, or business planning, contact Andre O. McDonald, a knowledgeable Howard County estate planning, Medicaid/long-term care planning, special needs planning, and business planning attorney at (443) 741-1088 for a no obligation consultation.
DISCLAIMER: THE INFORMATION POSTED ON THIS BLOG IS INTENDED FOR EDUCATIONAL PURPOSES ONLY AND IS NOT INTENDED TO CONVEY LEGAL OR TAX ADVICE.
