January 24, 2025

Estate Planning for 2025

Article Summary:


Start the new year with peace of mind by reviewing or creating your estate plan! As life evolves, so should your approach to protecting your assets and loved ones.

Our latest blog breaks down key areas to focus on:

  • Updating Beneficiary and Ownership Designations: Ensure your accounts, deeds, and business interests align with your current intentions.
  • Reassessing Guardians and Beneficiaries: Life changes like births or marriages might necessitate adjustments to your estate plan.
  • Refreshing Powers of Attorney and Healthcare Directives: Keep these documents current to safeguard your autonomy and ensure your wishes are respected.

If you’re new to estate planning, don’t worry—our step-by-step guide will help you get started. The beginning of the year is the perfect time to act. Secure your legacy and protect what matters most with guidance from RMP's experienced estate planning attorneys.


Legal Topics

EMPLOYMENT LAW UPDATE: FEDERAL TRADE COMMISSION ELIMINATES NON-COMPETE CLAUSES

On Tuesday, the Federal Trade Commission issued a new Rule putting an end to employment-related non-compete clauses. In its justification for the rule, the FTC called non-compete clauses “an unfair method of competition” and stated it is a “violation for [employers] to… enter into non-compete clauses (“non-competes”) with workers.” In today’s very competitive labor market, the new FTC Rule creates a significant disruption for employers.

WHEN IS THE FTC ELIMINATION OF NON-COMPETE CLAUSES SET TO TAKE EFFECT?

This new FTC provision—set to take effect in 120 days—renders existing non-compete agreements unenforceable. Existing non-compete agreements with senior executives will remain enforceable, although employers cannot require newly hired senior executives to sign such an agreement.

WHAT REQUIREMENTS HAS THE FTC IMPOSED ON EMPLOYERS BY ELIMINATING NON-COMPETE CLAUSES?

After the Rule takes effect, employers are required to deliver personal notice to employees (past and present) who signed a non-compete agreement informing them agreements are no longer enforceable. In the notice, employers must inform employees they are free to accept any job or start any business, even if it is directly competitive with the employer.

IS THE FTC’S ELIMINATION OF THE NON-COMPETE CLAUSES OPTIONAL FOR EMPLOYERS?

Compliance with the FTC Rule is not optional. Employers should consider new ways they can protect against a former employee gaining a competitive advantage by using the employer- provided training, the relationships made possible by the employer, or the confidential information learned from the employer. RMP can assist you in navigating this disruption and can provide advice on how to most effectively protect your vital business interests going forward.

RMP: Your Employment Law Attorneys

RMP Attorneys At Law has an experienced Employment Law Attorney team dedicated to helping you navigate these changes. If you have any questions or would like guidance, reach out to one of our employment attorneys, Tim Hutchinson, Seth Haines, Larry McCredy, or Taylor Baltz or call  479.443.2705.

Couple working with Estate Lawyer to update their Estate Plans.

As a new year begins, it’s the perfect time to review and update your estate plan. Whether you already have a plan in place or are starting from scratch, the start of a new year is a great opportunity to ensure your assets and loved ones are protected.

Reviewing Your Estate Plan: Revisiting Your Beneficiary and Ownership Designations

Your beneficiary and ownership designations identify who has a stake in your assets. As your life evolves, so do the roles people play in it. This is why it’s crucial for you to regularly review and update this portion of your estate plan.

Review Account Designations, Deeds, and Assignments:

Ensure real property, investments, and accounts are titled correctly, or the appropriate beneficiary designations are made. Improper ownership or beneficiary designations could lead to unnecessary probate or taxes.

Verify Business Ownership Interests:

Confirm that your succession plan aligns with current goals if you own a business. Consult with your estate planning attorney and make any necessary updates to your business’s ownership percentages and operating documents.

Ensure Clarity in Joint Accounts:

Jointly held accounts can complicate estate distribution. Review and verify with your estate planning attorney that these arrangements reflect your intentions in your estate plan.

Staying proactive and current with beneficiary and ownership designations avoids confusion and ensures your estate plan works exactly as you’ve envisioned.

Updating Beneficiaries of Estate Plan

Reviewing Your Estate Plan: Updating Your Beneficiaries and Guardians

Life’s milestones—like marriages, divorces, births, and deaths—may impact the individuals you’ve named in your estate plan. As you are reviewing your estate plan, take time to:

Reassess Beneficiaries

Ensure your will, trusts, and retirement accounts list the correct beneficiaries of your assets. Neglecting updates can unintentionally leave assets to outdated or unintended beneficiaries.

Appoint Guardians for Minor Children

If you have children under 18, choosing a guardian is one of your most important decisions. Guardianship should reflect current family dynamics, living situations, and financial capacity.

Estate Tax Planning

Consult with your estate planning attorney to ensure your estate planning is properly structured to mitigate estate and gift taxes.

Plan for Contingencies

Add alternate beneficiaries and guardians to account for unforeseen circumstances.

Regularly reviewing these elements of your estate plan ensures your desired wishes are honored, and your loved ones are properly cared for. While the beginning of a new year is a great time to review your estate plan, this area is one you should consider reviewing more frequently.

Reviewing Your Estate Plan: Powers of Attorney and Healthcare Directives

Your power of attorney (POA) and healthcare directive sections of your estate plan designate trusted individuals to act on your behalf if you become incapacitated. It is essential to keep these critical documents effective. As you review your estate plan, you should:

Update Your Financial POA

Financial powers of attorney manage your assets if you cannot. Ensure your appointee is reliable and understands your current financial situation.

Refresh Healthcare Directives and POA

A healthcare directive and power of attorney outlines your medical preferences and appoints someone of your choosing to make healthcare decisions for you if you cannot. New medical advancements or shifts in personal values might require updates to this section of your estate plan.

Review State-Specific Laws

Legislation regarding POAs and directives can change. Confirm your documents comply with current legal standards by consulting with your estate planning attorney.

Keeping these documents accurate safeguards your autonomy and ensures your preferences are carried out as desired.

I Need an Estate Plan. Where Do I Start?

If you’re new to estate planning, the process might feel overwhelming, but starting is easier than you think.

Follow these easy steps to get started with your estate planning:

  • Take Inventory: List your assets, liabilities, and any items of sentimental value.
  • Identify Your Goals: Consider how you want your assets distributed and who should manage your affairs if you can’t.
  • Seek Professional Help: Consult one of RMP's experienced estate planning attorneys who can tailor a plan to fit your specific needs and preferences.

At RMP, our seasoned estate planning attorneys are here to guide you through every step, ensuring you protect your legacy and that your wishes are honored.

It's a Great Time to Update Your Estate Plan

Estate planning is not just a one-time process; it is ongoing and should evolve as your life does. The start of a new year is a great reminder to take the time to review and update your plan for 2025. By doing so, you’re ensuring a smooth and stress-free transition for your loved ones. Whether you need to review and update existing documents or create a new estate plan from scratch, now is the perfect time to act.

Contact one of RMP's estate planning attorneys to make this year the year you secure your legacy.

RMP Estate Planning Lawyers

Couple working with Estate Lawyer to update their Estate Plans.

As a new year begins, it’s the perfect time to review and update your estate plan. Whether you already have a plan in place or are starting from scratch, the start of a new year is a great opportunity to ensure your assets and loved ones are protected.

Reviewing Your Estate Plan: Revisiting Your Beneficiary and Ownership Designations

Your beneficiary and ownership designations identify who has a stake in your assets. As your life evolves, so do the roles people play in it. This is why it’s crucial for you to regularly review and update this portion of your estate plan.

Review Account Designations, Deeds, and Assignments:

Ensure real property, investments, and accounts are titled correctly, or the appropriate beneficiary designations are made. Improper ownership or beneficiary designations could lead to unnecessary probate or taxes.

Verify Business Ownership Interests:

Confirm that your succession plan aligns with current goals if you own a business. Consult with your estate planning attorney and make any necessary updates to your business’s ownership percentages and operating documents.

Ensure Clarity in Joint Accounts:

Jointly held accounts can complicate estate distribution. Review and verify with your estate planning attorney that these arrangements reflect your intentions in your estate plan.

Staying proactive and current with beneficiary and ownership designations avoids confusion and ensures your estate plan works exactly as you’ve envisioned.

Updating Beneficiaries of Estate Plan

Reviewing Your Estate Plan: Updating Your Beneficiaries and Guardians

Life’s milestones—like marriages, divorces, births, and deaths—may impact the individuals you’ve named in your estate plan. As you are reviewing your estate plan, take time to:

Reassess Beneficiaries

Ensure your will, trusts, and retirement accounts list the correct beneficiaries of your assets. Neglecting updates can unintentionally leave assets to outdated or unintended beneficiaries.

Appoint Guardians for Minor Children

If you have children under 18, choosing a guardian is one of your most important decisions. Guardianship should reflect current family dynamics, living situations, and financial capacity.

Estate Tax Planning

Consult with your estate planning attorney to ensure your estate planning is properly structured to mitigate estate and gift taxes.

Plan for Contingencies

Add alternate beneficiaries and guardians to account for unforeseen circumstances.

Regularly reviewing these elements of your estate plan ensures your desired wishes are honored, and your loved ones are properly cared for. While the beginning of a new year is a great time to review your estate plan, this area is one you should consider reviewing more frequently.

Reviewing Your Estate Plan: Powers of Attorney and Healthcare Directives

Your power of attorney (POA) and healthcare directive sections of your estate plan designate trusted individuals to act on your behalf if you become incapacitated. It is essential to keep these critical documents effective. As you review your estate plan, you should:

Update Your Financial POA

Financial powers of attorney manage your assets if you cannot. Ensure your appointee is reliable and understands your current financial situation.

Refresh Healthcare Directives and POA

A healthcare directive and power of attorney outlines your medical preferences and appoints someone of your choosing to make healthcare decisions for you if you cannot. New medical advancements or shifts in personal values might require updates to this section of your estate plan.

Review State-Specific Laws

Legislation regarding POAs and directives can change. Confirm your documents comply with current legal standards by consulting with your estate planning attorney.

Keeping these documents accurate safeguards your autonomy and ensures your preferences are carried out as desired.

I Need an Estate Plan. Where Do I Start?

If you’re new to estate planning, the process might feel overwhelming, but starting is easier than you think.

Follow these easy steps to get started with your estate planning:

  • Take Inventory: List your assets, liabilities, and any items of sentimental value.
  • Identify Your Goals: Consider how you want your assets distributed and who should manage your affairs if you can’t.
  • Seek Professional Help: Consult one of RMP's experienced estate planning attorneys who can tailor a plan to fit your specific needs and preferences.

At RMP, our seasoned estate planning attorneys are here to guide you through every step, ensuring you protect your legacy and that your wishes are honored.

It's a Great Time to Update Your Estate Plan

Estate planning is not just a one-time process; it is ongoing and should evolve as your life does. The start of a new year is a great reminder to take the time to review and update your plan for 2025. By doing so, you’re ensuring a smooth and stress-free transition for your loved ones. Whether you need to review and update existing documents or create a new estate plan from scratch, now is the perfect time to act.

Contact one of RMP's estate planning attorneys to make this year the year you secure your legacy.

RMP Estate Planning Lawyers

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