As the holiday season approaches, many Coloradans are planning to spend big on gifts, travel, and celebrations. In fact, Americans are expected to spend over $800 on holiday gifts alone this year. While it’s easy to get swept up in the excitement, it’s important to consider how this increased spending fits into your long-term financial goals, particularly your estate plan. At Skipton Law, we’re here to help you balance holiday fun with smart financial decisions that protect your future.
1. Stick to a Budget
It’s tempting to splurge during the holidays, but it’s crucial to keep your long-term financial health in mind. Excessive holiday spending can affect your savings and impact your retirement goals. By sticking to a budget, you can enjoy the holiday season without jeopardizing your financial security.
2. Give the Gift of Security
While giving presents is part of the holiday spirit, one of the best gifts you can give your family is financial security. Ensuring your estate plan is up to date—whether through a will, trust, or healthcare directive—gives your loved ones peace of mind for the future.
3. Consider Charitable Giving
If you’re planning to make charitable donations this year, consider how they fit into your estate plan. Charitable remainder trusts or donor-advised funds are great tools that provide tax benefits while supporting causes you care about. Incorporating charitable giving into your estate plan is a wonderful way to spread the holiday spirit beyond the season.
4. Annual Estate Plan Review
The holidays are an excellent time to review your estate plan. Changes in your family or financial situation may require updates to your will or trust. By reviewing your estate plan regularly, you ensure that your future is protected no matter what surprises life brings.
At Skipton Law, we help Coloradans navigate the balance between holiday spending and long-term financial planning. Request a consultation to get started on aligning your estate plan with your holiday spending.