Before You File Your Taxes: 3 Estate Planning Moves to Review
As tax season approaches, many people focus on gathering documents, reviewing deductions, and making sure everything is filed on time. But while you’re already taking a close look at your finances, it’s also an ideal time to review a few important pieces of your estate plan.
Your tax return provides a snapshot of your financial life—your income, investments, charitable contributions, and other assets. Taking a few extra minutes to review key estate planning details during this process can help ensure your wishes are clearly documented and your loved ones are protected.
Here are three important estate planning moves to consider before you file your taxes this year.
1. Review and Update Your Beneficiary Designations
Many of your most important assets—including retirement accounts and life insurance policies—pass directly to beneficiaries you have named on the account. These beneficiary designations typically override what is written in your will.
That means if your life circumstances have changed, your assets could unintentionally go to the wrong person.
Tax season is a convenient time to review beneficiary designations for accounts such as:
401(k)s and IRAs
Life insurance policies
Payable-on-death bank accounts
Transfer-on-death investment accounts
Major life events such as marriage, divorce, the birth of a child, or the death of a beneficiary are all reasons to revisit these designations. Making sure they align with your estate plan can prevent confusion and disputes later.
2. Consider Your Annual Gifting Strategy
Another estate planning strategy to review during tax season is gifting.
The federal annual gift tax exclusion allows individuals to give a certain amount each year to as many recipients as they choose without triggering gift taxes or using their lifetime estate tax exemption. In 2026, that amount is $19,000 per person, per recipient.
For example, a married couple could gift up to $38,000 to each child or grandchild in 2026 without any gift tax consequences.
Strategic gifting can be a valuable way to:
Reduce the size of your taxable estate
Help family members with education, housing, or other needs
Transfer wealth during your lifetime
If gifting is part of your long-term estate plan, tax season is a good time to review what you gave last year and plan for the year ahead.
3. Think About Charitable Giving
If charitable giving is important to you, tax season can also be a helpful time to consider how those gifts fit into your broader financial and estate planning goals.
Charitable contributions may provide tax benefits while also allowing you to support causes that matter to you. Some individuals incorporate charitable giving into their estate plans through tools such as:
Direct charitable donations
Donor-advised funds
Charitable trusts
Bequests in a will or trust
Reviewing your charitable contributions while preparing your taxes can help ensure those gifts are structured in a way that aligns with both your philanthropic goals and your financial plan.
Tax Season Is a Great Time for an Estate Plan Check-In
Preparing your taxes already requires you to organize financial documents and review your assets. Taking a little extra time to review key estate planning items, such as beneficiary designations, gifting strategies, and charitable giving, can help keep your overall plan up to date.
If you have experienced a major life change, acquired new assets, or haven’t reviewed your estate plan in several years, tax season can be the perfect reminder to schedule a review.
At English Law Group, we help individuals and families create and maintain estate plans that reflect their goals and protect the people they care about most. If you would like to review your current plan or explore new planning strategies, our team is here to help. Contact us today to schedule a consultation.