Estate planning rarely feels urgent. It’s the thing you’ll get to after the holidays, after the new year, after things settle down. Most of the year, that’s fine — a plan you finish in March protects you just as well as one you finish in January.
But a handful of opportunities genuinely expire on December 31, and a few expire even sooner. Once the calendar turns, they’re gone for good — there’s no filing an extension on a gift you didn’t make. Here’s what’s actually on the clock for Northwest Indiana families this fall, and what can safely wait. (This is general information, not legal, tax, or financial advice — every family’s circumstances are different, and some of what follows is worth a conversation with your CPA or financial advisor as well.)
December 7: Medicare open enrollment closes
This is the earliest deadline on the list, and the one people most often assume runs through the end of the year. It doesn’t. Medicare’s fall open enrollment runs October 15 through December 7, and changes you make take effect January 1.
It matters more than it sounds. Drug formularies and plan networks change every year, and a plan that fit perfectly last year can quietly stop covering a medication or a preferred doctor. For families already thinking about long-term care, this is also a natural moment to look at the bigger picture. You can compare plans at Medicare.gov, and if the conversation is really about protecting assets from care costs, that’s an elder law discussion rather than an insurance one.
December 31: annual exclusion gifts
For 2026, you can give $19,000 per person to as many people as you like without touching your lifetime exemption or filing a gift tax return. A married couple can together give $38,000 to each recipient. Give to three children and their spouses, and a couple can move $228,000 out of their estate in a single afternoon.
The annual exclusion does not accumulate. If you don’t use 2026’s, it’s simply gone on January 1 — you can’t double up next year to make it up.
The detail that trips people up: the gift has to be completed, not just intended. A check written on December 29 and deposited on January 5 is generally a 2027 gift. If you’re gifting by check near the deadline, give the recipient time to deposit it and the bank time to clear it. Wire transfers and account transfers should settle before the 31st as well.
For context on where the annual exclusion sits relative to the lifetime numbers, we covered those in detail in 2026 Federal Estate & Gift Tax Numbers. The short version: the basic exclusion amount is $15,000,000 per person this year, so the vast majority of Indiana families will never owe federal estate tax. Annual gifting is usually about helping family now, simplifying later, or moving an appreciating asset — not about dodging a tax bill you were never going to have. The IRS maintains a plain-language FAQ on gift taxes if you want the primary source.
December 31: the Indiana 529 credit most families leave on the table
This one is specific to Hoosiers, and it’s the most underused item on this list.
Indiana offers a 20% state income tax credit on contributions to an Indiana529 account — up to $1,500 per year ($750 if married filing separately). That’s a credit, not a deduction: it comes straight off what you owe the state. Contributing $7,500 captures the full $1,500. Contributions must be made by December 31 to count for this tax year, and the credit doesn’t carry forward if unused.
One caveat worth knowing: the credit is non-refundable. It can reduce your Indiana income tax to zero, but no further — if you owe less than $1,500 in state tax, you won’t capture the whole thing. The Indiana Treasurer’s office explains the credit on its official page.
Grandparents frequently miss this entirely, assuming the benefit belongs to the parents. Any Indiana taxpayer who contributes may claim it.
December 31: required minimum distributions
If you’re 73 or older, your required minimum distribution from traditional IRAs and most workplace retirement accounts has to come out by December 31. The penalty for missing it is real, though it can often be reduced if corrected promptly.
One exception: if you turned 73 this year, you may delay your first RMD to April 1, 2027. That’s tempting, but it stacks two distributions into one tax year, which can push you into a higher bracket or affect your Medicare premiums. Worth running past your tax advisor before you decide.
While you’re in those accounts, look at the beneficiary designations. They override your will — an outdated name on a retirement account is one of the most common ways a carefully written estate plan goes sideways.
December 31: charitable giving, under new rules this year
2026 is the first year of several changes to the charitable deduction, so last year’s instincts may not apply.
If you’re 70½ or older, the QCD is still the most efficient tool available. A qualified charitable distribution sends money directly from your IRA to a charity — up to $111,000 per person in 2026. It never appears in your income, which can matter more than a deduction would, and if you’re 73 or older it can satisfy part or all of your RMD. The transfer must go directly from the custodian to the charity, and it must be complete by December 31.
If you itemize, a new 0.5%-of-AGI floor applies starting this year, meaning the first slice of your giving is no longer deductible. If you don’t itemize, there’s now a deduction of up to $1,000 (or $2,000 filing jointly) for cash gifts to public charities. Both are genuinely new for 2026 and both are worth a conversation with your CPA before you write December’s checks.
The things that aren’t deadlines — but should be
Nothing below expires on December 31. They make the list because the end of the year is when families are together, paying attention, and willing to have the conversation.
Your plan is more than three to five years old. Laws change, families change, and the exemption landscape has moved considerably. An old plan isn’t automatically a bad plan, but it deserves a read.
Something major happened this year. A marriage, divorce, birth, death, a move to or from Indiana, a new business, a health diagnosis, or buying or selling real estate. Any one of them can make parts of a plan obsolete.
Nobody knows where the documents are. An original will your family can’t locate creates real cost and delay. So does a power of attorney nobody can find at the moment it’s needed.
Your home is still titled in one name alone. Real estate is the single most common reason an Indiana estate ends up in court. Depending on your situation, a transfer on death deed or a revocable living trust may solve it well before anyone needs to think about probate.
What to do next
If you only do one thing this month, make it the December 7 Medicare deadline — it’s the soonest and the easiest to forget. If you only do two, add the Indiana 529 contribution, because a 20% credit is a hard return to find anywhere else.
Everything else benefits from a conversation. Politakis Law works with families throughout Lake, Porter, and LaPorte Counties on exactly these questions. You can review our estate planning services or schedule a consultation — and if your plan simply needs a second look before the year closes, that’s a perfectly good reason to call.
Quick FAQs
Do I have to file anything to make a $19,000 gift?
Generally no. Gifts at or below the annual exclusion to any one person don’t require a gift tax return. Larger gifts typically require Form 709 — due April 15, 2027 for 2026 gifts — though filing usually just records the gift against your lifetime exemption rather than creating a tax bill.
Does the person receiving a gift pay tax on it?
No. The IRS is clear that the donor is generally responsible for any gift tax. Recipients don’t report ordinary gifts as income.
Can I still get the Indiana 529 credit if my grandchild’s parents also contribute?
Generally yes — the credit follows the Indiana taxpayer who makes the contribution, subject to the annual maximum per return. Confirm the specifics with your tax preparer.
Is there an Indiana estate or inheritance tax to plan around?
No. Indiana repealed its inheritance tax for deaths after December 31, 2012, and has no state estate tax. Only the federal estate tax applies, and only to very large estates.
I missed a deadline. How bad is it?
It depends entirely on which one. A missed annual exclusion is simply a lost opportunity — nothing breaks. A missed RMD carries a penalty but can often be corrected. Call rather than assume the worst.