Donna Jackson Lays Out Four Things to Review by Year’s End
As the end of the year draws near, its the perfect time to review your finances, taxes and estate plans. Oklahoma Estate Planning Attorney Donna Jackson has over three decades of legal experience, and she specializes in estate planning, trusts, wills, durable power of attorneys, living wills and probate.
Donna shared four things to do for your finances by the end of the year:
1. Review Your Deductions. Before 2018, taxpayers could claim a personal exemption for themselves and their dependents in addition to the standard deduction. The Tax Cuts and Jobs Act (TCJA) increased the standard deduction amounts for 2018 from $6,500 to $12,000 for singles, from $13,000 to $24,000 for couples, and from $9,550 to $18,000 for heads of household.
“Start reviewing your deductions now to see if you have enough to itemize,” she says.
2. Review Your Estate Plan. People come in and out of your life, so an estate plan and power of attorney should be reviewed every year.
“You need to make sure people are still in your life, that your assets are properly in a trust and the recipients are still current,” she says.
3. Get A Plan for Your Child. If you have a child about to turn 18, now is the time to help them create a basic will, medical power of attorney and estate plan.
“Once a child is 18, the parents do not have the power to make medical decisions if the child is unable,” Donna says. “It’s best to set something legal in place.”
4. Make Your IRA Contributions. If you haven’t put in your IRA contributions, do so now. The good news is that you can make contributions until taxes are due on April 15!
For more information, call 405.840.1874.