Photo credit: Tom Skarbek, Unsplash.com
Cory Wessman is an estate planning attorney with the law firm, Erickson & Wessman. His office is in the Broadway Place West building in NE Minneapolis where I work.
He sent the following letter to his clients and I thought it would make a great guest post.
You can find out more about Cory and his services at his website, www.cericksonlaw.com.
Below, he offers great advice for “spring cleaning” your estate plan. If you need help creating and updating your “Master List of Accounts”, let me know. We have this information for all our financial planning clients and are happy to provide it to you in a secure way.
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According to the National Retail Federation, Americans will spend an estimated $19.6 billion on Valentine’s Day this year. With a little more than half of the American population participating in Valentine’s Day giving, that breaks down to about $143 per person.
While chocolates, candied hearts or a night out on the town can be great ways to express your love, I would argue that financial planning may be the ultimate act that says, “I love you and I care about you”.
Photo by Ben White on Unsplash
As we approach the end of the year, you may be thinking of making a large financial gift to your children, grandchildren or others in your life.
Gifting strategies and the tax laws that create them can be confusing. Even as I write this, Congress is considering major legislation that could impact generational gifting for millions of Americans in the future.
Don’t let these 5 myths about gifting assets stop your holiday giving this year.