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New Years Resolution #3: Review your Beneficiaries and Assets

Bob Goldberg • December 11, 2023

Change is a Part of Life: Review Your Estate

As the calendar turns the page to a new year, many of us embark on a journey of self-improvement and resolutions. While fitness and personal goals often take center stage, there's one resolution that might not be as mainstream but is equally crucial—reviewing your beneficiaries and assets as part of your estate planning. The dawn of 2024 offers an opportune moment to reassess and safeguard your financial legacy. Let's explore why making this aspect of estate planning a resolution can lead to peace of mind and financial security.

1. Life is Constantly Changing

Life is a dynamic journey, marked by milestones, changes, and unexpected events. Births, marriages, divorces, and deaths are just a few examples of life-altering events that can impact your estate. Regularly reviewing your beneficiaries and assets ensures that your estate plan reflects your current circumstances and desires.

2. Protecting Your Loved Ones

Your estate plan is more than just a set of legal documents; it's a blueprint for how you want your assets distributed. Regularly reviewing beneficiaries ensures that the right individuals are designated to receive your assets. This proactive approach protects your loved ones from potential legal battles and ensures that your wishes are honored.

3. Adapting to Changing Relationships

Relationships evolve over time, and the individuals you once designated as beneficiaries may no longer be the most appropriate choices. Divorces, estrangements, or changes in personal dynamics might necessitate updates to your estate plan. By reviewing and adjusting beneficiaries, you maintain control over who benefits from your legacy.

4. Avoiding Unintended Consequences

Failing to update your beneficiaries can lead to unintended consequences. Outdated designations may result in assets going to individuals you did not intend to benefit or, conversely, excluding loved ones who should rightfully inherit. Regular reviews minimize the risk of unintentional oversights.

5. Staying Ahead of Tax Implications

Tax laws and regulations change, impacting the financial landscape. By regularly reviewing your estate plan, you can stay informed about any changes that may affect the tax implications of your assets. This knowledge allows you to make informed decisions that optimize your estate for tax efficiency.

6. Embracing Technological Convenience

In the digital age, many financial accounts and assets are managed online. Ensure that your beneficiaries are accurately reflected in these accounts, including cryptocurrencies, investment platforms, and other digital assets. Regular reviews help you adapt to the evolving landscape of digital wealth.

7. Making Estate Planning an Ongoing Process

Estate planning is not a one-time event; it's a continuous process that should evolve with your life. By making it a New Year's resolution, you commit to an annual check-in, fostering a habit of responsibility and foresight.

As you set goals for the coming year, consider making estate planning a priority in 2024. Regularly reviewing your beneficiaries and assets is an essential component of a comprehensive estate plan, ensuring that your wishes align with your current circumstances and protecting your loved ones from potential complications. Embrace the opportunity to secure your financial legacy and step into the new year with the confidence that comes from knowing your estate plan is up to date and reflective of your values.

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-Robert Goldberg

Robert Goldberg & Associates

770-229-5729

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New Year's Week - Your 2025 Estate Planning Resolutions

By Bob Goldberg • January 1, 2025

As we welcome 2025, let's turn those year-end family discussions into concrete actions. Here's your five-step estate planning resolution guide: 1. Schedule a Family Meeting: o Discuss your goals and values o Share important information o Address concerns and questions 2. Gather Important Documents: o Financial statements o Property deeds o Insurance policies o Account information 3. Review Life Changes: o Family additions or losses o Property purchases or sales o Business changes o Retirement plans 4. Update Your Plan: o Review existing documents o Update beneficiaries o Adjust for new tax laws o Consider new planning tools 5. Communicate Your Plan: o Share with key family members o Organize important documents o Create easy access systems o Schedule regular reviews Start your new year with the resolution that matters most – protecting your family's future. Our team is ready to help you create or update your estate plan in 2025 . Contact Robert M. Goldberg & Associates at 770-229-5729 or visit www.goldbergestateplanning.com to schedule your estate planning consultation. Start 2025 with confidence in your family's future.

Christmas Week - New Year, New Plan

By Bob Goldberg • December 25, 2024

As we celebrate the holidays and look toward 2025, many of us are thinking about New Year's resolutions. While health and fitness goals often top the list, consider making estate planning your priority for the new year. Why January is ideal for estate planning: 1. Fresh Start: Begin the year with peace of mind 2. Tax Planning: Maximize new year tax benefits 3. Clear Mind: Post-holiday clarity for important decisions 4. Family Focus: Build on holiday discussions about the future Schedule your January consultation now and start 2025 with confidence in your family's future. Contact Robert M. Goldberg & Associates at 770-229-5729 or visit www.goldbergestateplanning.com to schedule your estate planning consultation. Start 2025 with confidence in your family's future.

Family Stories and Estate Planning:

By Bob Goldberg • December 18, 2024

As families gather for holiday celebrations, stories are shared that connect generations – grandparents reminiscing about their childhood, parents sharing family traditions, children learning about their heritage. Estate planning isn't just about passing down assets; it's about preserving these precious family stories and values. Here's how comprehensive estate planning helps preserve your family's legacy: 1. Ethical Wills: Passing down your values, life lessons, and family stories 2. Family Business Succession: Preserving family enterprises and traditions 3. Charitable Planning: Creating a lasting legacy of giving 4. Digital Legacy: Preserving family photos, videos, and memories Let this holiday season inspire you to think about the complete legacy you want to leave – both tangible and intangible. Contact Robert M. Goldberg & Associates at 770-229-5729 or visit www.goldbergestateplanning.com to schedule your estate planning consultation. Start 2025 with confidence in your family's future.

From Holiday Conversations to Action

By Bob Goldberg • December 4, 2024

Did your Thanksgiving gathering spark important family discussions about the future? You're not alone. Many of our clients find holiday conversations naturally lead to thoughts about estate planning and legacy. As we move into December, here's a practical checklist to turn those family discussions into action: 1. Review Your Current Plan: o Has your family situation changed? o Have there been significant changes in your assets? o Are your beneficiary designations up to date? 2. Consider Year-End Tax Planning: o Annual gift exclusions expire December 31 o Charitable giving opportunities o Required minimum distributions from retirement accounts 3. Update Important Documents: o Wills and trusts o Healthcare directives o Powers of attorney o Insurance beneficiaries Don't let these important tasks get lost in the holiday shuffle. Our team is here to help you complete your estate planning before year's end. body content of your post goes here. To edit this text, click on it and delete this default text and start typing your own or paste your own from a different source. Contact Robert M. Goldberg & Associates at 770-229-5729 or visit www.goldbergestateplanning.com to schedule your estate planning consultation. Start 2025 with confidence in your family's future.

Gratitude and Legacy: Why Thanksgiving is the Perfect Time to Talk About Estate Planning

By Bob Goldberg • November 20, 2024

As families gather around the Thanksgiving table next week, conversations will flow about memories, family stories, and hopes for the future. While turkey and stuffing might be the centerpiece of your table, these meaningful family discussions are the true heart of Thanksgiving. At Robert M. Goldberg & Associates, we've noticed holiday gatherings often spark important conversations about family legacy. When multiple generations come together, it's natural to think about how we want to protect and provide for our loved ones. Here are three reasons why Thanksgiving weekend provides the perfect opportunity to begin estate planning discussions: Family is Already Gathered: With loved ones together, you can have meaningful conversations about your family's future in person, rather than over phone calls or emails. The Spirit of Gratitude: Thanksgiving's focus on gratitude naturally leads to thoughts about how we can protect what we're thankful for – our family, our assets, and our legacy. Year-End Planning: With just over a month left in the year, it's an ideal time to consider important financial and legal decisions before December 31st. Remember, starting these conversations doesn't mean diving into complex legal details over pumpkin pie. Instead, use this time to begin open discussions about family values, hopes for the future, and the importance of protecting what matters most. This Thanksgiving, we're grateful for the trust our clients place in us to help protect their families' futures. If holiday conversations turn to estate planning, know that we're here to help turn your family's wishes into a solid legal plan. Contact Robert M. Goldberg & Associates at 770-229-5729 or visit www.goldbergestateplanning.com to schedule your estate planning consultation. Start 2025 with confidence in your family's future.