Every new year brings changes, and as the end of 2024 draws near, it’s the perfect time to review your estate plan. Giving your estate plan a financial once-over is essential to tie up loose ends, account for changes in your personal life, and start the new year with peace of mind. From inventorying your assets to updating your beneficiaries, an end-of-year estate plan check-up can secure your legacy and protect your loved ones. REVIEW YOUR BENEFICIARIES AND REPRESENTATIVES Your beneficiaries are the people you leave assets to in your plan and are often children and other family members. Over time, the people in your life may change, or their needs may shift. These life changes could warrant revisions or updates to your estate planning documents. If a named beneficiary dies, falls ill, or experiences a monumental life change, such as a marriage or the birth of a child, it may be a good time to reexamine your estate planning documents. It’s also good practice to look at your executor or trustee, the people who will manage your estate at the end of every year. INVENTORY YOUR ASSETS As you acquire new assets or wealth, your estate plan should reflect those assets. If you purchased a new home, sold a business, or inherited property, those are all good reasons to update your plan. List the value of your new assets and gather any related financial statements. The failure to consider new assets in your estate plan could lead to unintended costs and confusion for your loved ones down the line. MAKE YOUR FINANCIAL GIFTS You can give a certain amount of money every year without incurring gift taxes or filing a gift tax return if you do it before Dec. 31. Under federal tax law, you can transfer gifts tax-free if they meet the annual gift tax exclusion, which changes every year based on inflation. In 2024, you can give up to $18,000 to each recipient without tax consequences. If your gift exceeds that amount, the excess will be taxable. If you would like assistance reviewing your estate planning documents, give us a call at 901-388-5805 to schedule an appointment with one of our seasoned estate planning lawyers. Finish Strong End-of-Year Essentials for Your Estate Plan
Inspired by CookieAndKate.com
Creamy Thai Carrot and Sweet Potato Soup
Ingredients •
1 tbsp coconut oil 2 cups chopped yellow onion
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1/4 cup almond butter
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3 cups diced carrots 3 cups peeled, diced sweet potatoes Salt and pepper to taste Cayenne pepper (optional)
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2 cloves garlic, minced
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1 tbsp minced fresh ginger 2 tbsp red curry paste
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4 cups vegetable broth, divided
Directions 1. Melt coconut oil in a large pot over medium heat. Add onion, garlic, and ginger and sauté for 5–6 minutes. Stir in curry paste. 2. In a small bowl, whisk 1/3 cup broth with the almond butter until smooth. Add the mixture to the pot, along with the carrots, sweet potatoes, salt and pepper, and remaining vegetable broth. Stir to combine. 3. Bring soup to a low boil over medium-high heat, then reduce heat, cover, and simmer for 15–20 minutes or until the potatoes and carrots are fork-tender. 4. Blend with an immersion blender until the soup is smooth. 5. Season with salt and pepper. Add a pinch of cayenne pepper for more spice if desired. INSPIRATION “The purpose of life is a
life of purpose.” —Robert Byrne
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