Year-End Planning Checklist 2025

🏛️ Estate Tax Planning

Calculate current estate value and potential tax liability Review 2025 vs 2026 exemption amounts ($13.99M vs $15M) Assess need for additional life insurance coverage Evaluate estate tax mitigation strategies Consider portability election for married couples

📋 ILIT Implementation

Consult with estate planning attorney about ILIT setup Select appropriate trustee for ILIT Draft ILIT trust document with attorney Apply for life insurance policy (by November 15) Fund ILIT with annual exclusion gifts Send Crummey letters to beneficiaries (by December 1) Ensure policy ownership transferred to ILIT Document three-year lookback period start date

🔍 Coverage Review

Review all existing life insurance policies Update coverage amounts based on 2025 life events Review and update all beneficiary designations Verify contingent beneficiaries are current Check for orphaned policies from previous employers Assess need for additional coverage types

💰 Cash Value Optimization

Review cash value growth in permanent policies Evaluate policy loan options and rates Consider Section 1035 exchange opportunities Assess dividend options and reinvestment strategies Review policy performance vs. illustrations Optimize premium payment schedule

❤️ Charitable Giving

Review charitable giving goals for 2025 Consider naming charity as life insurance beneficiary Explore charitable remainder trust options Document all charitable contributions for tax purposes

📄 Documentation & Compliance

Update will and trust documents Review power of attorney documents Update healthcare directives Organize all estate planning documents in secure location Provide copies to executor and trustee

🤝 Professional Coordination

Schedule meeting with estate planning attorney Consult with CPA about tax implications Meet with life insurance specialist Coordinate with financial advisor on overall strategy Ensure all professionals have current contact information

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