A good estate plan can support your goals for your family, community, and philanthropy—at any age. At the Office of Gift Planning’s spring webinar in May 2024, Brad Bedingfield and Nancy Dempze, partners at Hemenway & Barnes LLP, shared insights about tax rules and regulations and strategies to help maximize your legacy. Below are a few key takeaways from their presentation and the Q&A session with audience members.

1. Know what you own. Take time at the beginning of the estate planning process to count all assets that will affect your tax basis, or the total value of your estate. Track down every account that you own and inform your advisor.
2. Know your financial needs. Figure out what you need to be comfortable for the rest of your life and round up. After you know what you need, you can do your philanthropic planning.
3. Hire advisors who specialize in estate planning. Fully articulate your goals–be honest and paint a true picture for your advisors. Listen to what they say and follow through.
4. Keep your plan up to date with your significant life events. Deaths, marital status, career changes, change in assets, birth of grandchildren–change beneficiary forms as needed.
5. Don’t procrastinate on making it official. You can always amend your estate plan if your situation changes.

As always, the MIT Office of Gift Planning is available to answer your questions. We are also happy to talk with your tax advisors. Email giftplanning@mit.edu or call 617.253.4082 to start the conversation today, or to request access to the May webinar recording.