July Newsletter: Tax Policies, Vacation Homes, & Memorabilia
Our July newsletter brings to you the potential tax policies of the next administration that could have a major impact on your personal wealth and estate planning strategies. Then, we discuss all things estate planning for vacation properties. Lastly, we discuss passing down sports memorabilia in your estate plan.
![july newsletter](https://lsalawyers.com/wp-content/uploads/2024/07/july-newsletter-300x199.jpg)
How Potential Presidential Policies Could Shape the Future of Your Estate Plan
The economy is a huge topic as we approach another presidential election. It’s important to understand that the tax policies of the next administration could have a substantial impact on your wealth and estate planning. Rest assured, we’ll be closely monitoring the election to keep you informed about any policy changes that might require a reevaluation of your estate plan.
Sun, Sand, and Succession: Estate Planning Tips for Your Vacation Property
Many families pass down vacation properties. However, a clear strategy is needed to prevent disputes. Include your vacation home in your estate plan so it remains a family haven. Consider these components:
- Usage: Decide if you’ll transfer the home now or upon death.
- Interest: Identify family members who want the property.
- Restrictions: Set rules for selling, renting, or buying out interests.
- Compatibility: Consider family financial capabilities to manage the upkeep.
Strategies for Passing Down Sports Memorabilia in Your Estate Plan
Your decades-old sports memorabilia collection may be worth A LOT. Therefore, preserving these items in your estate plan is key. With the market at an all-time high, now is the ideal time to plan for your collection’s future. Protect your collection:
- Make a detailed inventory & update it regularly.
- Get items appraised & authenticated.
- Inform loved ones where you keep the collection & how to access it.
- Ensure adequate insurance coverage.
- Create an estate plan specifying the distribution of your memorabilia.
Read the full July newsletter today, & contact us for all of your estate planning needs!