New Year’s Resolution Number 1: Get Your Estate Planning Done
Essential Ingredients of a Traditional Estate Plan
- Revocable Living Trust
- Pourover Will(s)
- Durable Financial Power(s) of Attorney
- Advance Healthcare Directive(s)
- Quitclaim or Grant Deed Transferring Real Property into the Trust
Happy New Year!
Most individuals and families need a traditional estate plan with the above five (5) ingredients. Nicolai Law Firm prepares estate planning packages for clients that include all of the above. If you have not yet done your estate plan or need your existing plan reviewed or updated, please do not hesitate to contact us at 310.714.7034 or info@nicolailawfirm.com. We have you covered!
NEW YEAR’S RESOLUTION – GET YOUR ESTATE PLAN DONE OR GET YOUR EXISTING TRUST AND ESTATE PLAN REVIEWED AND UPDATED
The New Year is a time of hope, goals, and new beginnings. This year is going to be your best on record. This year will see a new you. This year you’re going to do this, that, or the other. This year you’re going to get it together. We often attempt to turn these abstract ideas into concrete goals by creating our New Year’s Resolution lists.
We recommend that you put the following at the top of your Resolution list: “Get my Trust and Estate Plan done (or get my existing trust and estate plan reviewed and updated).” While this may not be as glamorous a resolution as losing 30 pounds, running in a marathon, or traveling to a new country, you will thank yourself for putting your trust and estate plan at the forefront of your goals.
MAXIMIZE YOUR RETIREMENT PLAN CONTRIBUTIONS
New IRS contribution limits for 2026. Starting this year, you will have the opportunity to contribute more to your retirement plan account.
Make sure to take advantage of these increased limits to maximize your savings. Increasing your contribution by 1% or 2% annually can go a long way toward helping you achieve your long-term savings goals.
| IRS retirement plan annual limits | 2026 | 2025 |
| Employee elective deferrals
This is the annual limit allowed if you are younger than age 50. |
$24,500 | $23,500 |
| Catch-up contributions
These are additional contributions allowed if you will be age 50 or older by December 31st. |
$8,000 | $7,500 |
| Super catch-up contributions
If you are aged 60 through 63, the catch-up contribution amount you can contribute is higher. |
$11,250 | $11,250 |
Financial and estate planning is complex. Nicolai Law Firm can assist you with your trust and estate planning and its many intricacies. Please do not hesitate to contact us.
