The importance of adjusting your estate plan periodically cannot be overstated. Even the best-laid plans can go awry due to changes in circumstances, both personal and external. Here are some examples of changes that may require adjustments to your estate planning documents:
Family Circumstances:
- Birth or death of a family member
- Marriage or divorce
- Significant changes in the health of you or a loved one
- Need for a special needs trust to protect assets left to a disabled loved one
Financial Circumstances:
- Gain or loss of significant assets
- Coordination of new beneficiary designations for life insurance or IRAs with the estate plan
Tax Laws:
- Changes in federal, state, and local tax laws
- Examination of new tax advantages and the expiration of old ones
Non-Tax Laws:
- Changes in state laws, including trust duration and retirement plan beneficiary designation upon divorce
Change in Residence:
- Variations in state laws, such as differences in estate and income tax due on estates of the same size
Change in Goals/Desires:
- Change in family relationships or assessment of character
- Personal change in goals or desire to add a charity to the estate plan
It’s important to remember that estate planning is a continuous process and may require adjustments along the way. A qualified estate planning attorney can help determine if your estate plan is still on the right course or assist with making the proper adjustments.
Contact us to schedule your free one-hour personal consultation.
Compliments of the McGee Law Firm, Attorney Brandon McGee
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