The pace of work during the summer is lighter, family gatherings are more frequent and there may be more time to think about the near and distant future. A recent article, “Summer is an ideal time to discuss your intentions with family members and ensure everyone understands your goals, helping to prevent misunderstandings down the road,” from Legal Reader, offers some estate planning matters to consider during this relaxed season.
Review and update estate plans. If you already have a will and trust in place, summer is a great time to review them. If you don’t have an estate plan, now is the time to get started. Your estate plan should reflect your current wishes, not those from ten years ago. Significant events in life, like marriage, death, divorce, birth, or adoption, require a review of your estate plan.
Do you intend to make any gifts? Gifting is not just about generosity; it has a direct impact on taxes and estate plans. You can give away property, investments, or shares in a business before they appreciate to reduce the size of your taxable estate. Assets can also be placed in trust, providing more protection and control both during your lifetime and after your passing.
You can also make annual gifts using the annual gift tax exemption. This is a means of removing assets from your estate without needing to file a gift tax return, if the amount is below the annual gift tax exemption amount, currently $19,000 per person. Gifts could include contributions to a 529 college savings plan, helping a family member purchase a car, or creating a legacy for the next generation using an irrevocable trust.
Legacy planning for the next generation. Now is a good time to consider creating a multigenerational trust, gifting to a nonprofit organization, or establishing a family foundation to reflect your values. An experienced estate planning attorney can create a trust to serve a variety of purposes, from funding a college education to providing a down payment for a first home. A trust can be as detailed as you want, making it an ideal estate planning tool.
Reference: Legal Reader (July 24, 2025) “Summer is an ideal time to discuss your intentions with family members and ensure everyone understands your goals, helping to prevent misunderstandings down the road”