Ask yourself these four questions while you stare at this hair ball.
Are your beneficiaries current? Check your personal estate plan, life insurance and retirement assets.
Do you give to charity? Think about starting a family foundation if you regularly make large charitable donations. Consider donating appreciated assets like stocks to avoid capital gains tax. Look into a donor-advised fund to receive a charitable deduction today, avoid capital gains tax and retain the authority to determine its future use.
Have you made a gift to your family lately? Establish a long-term strategy and give annual gifts to your beneficiaries to easily reduce a potentially taxable estate; the maximum is $14,000 per person. There is no limit on how many gifts you can make, and there is no gift or estate tax. Couples can combine their gift giving for up to $28,000.
Have you created or updated your key legal documents? Meet with your estate planning attorney create or review your health care proxies, powers of attorney, and will.