This is an article from the Siegel Law Group, P.A. (http://www.siegellawgroup.com/) in Boca Raton, Florida, that we thought others may find helpful.
Over 60% of Americans do not have an Estate Plan. So if you have an Estate Plan, you have taken a key step in preparing for your future and that is an important accomplishment. However, once started, an Estate Plan can grow and change throughout
The following events are just some examples of life changes that might require an update to your estate plan:
Changes in your finances or estate
If your estate plan involves a trust, it is important that all of your assets are covered by the trust. If you have a major change in finances or your estate, for example if you win the lottery or come into a large sum of money, it’s a good idea to review and make sure everything is in order.
Divorce or remarriage
Both of these situations can cause changes in your estate taxes. It is important to review your plan to ensure that your assets are protected in the case of a divorce.
Changes in the family
Does your Estate Plan account for adoption? Grandchildren? Guardians? Health Care Representation? As life changes, it’s important to look back on your Estate Plan and make sure that everything is being taken care of as necessary.
A move to another state
Estate Laws change from state to state. If you are becoming a permanent resident of another state—changing your driver’s license, car registry, and where you are registered to vote—it’s important to look into how changes in laws might affect your Estate Plan.
Changes in the law
If your state changes their tax codes on a federal or local level, it could affect your Estate Plan. Changes in HIPPA privacy laws might affect any Health Care Directives or Living Wills.
Selling or buying a business
Though non-liquid assets can be more difficult to account for in an Estate Plan, a change in the liquidity of your assets is a good time to review and update your plan.
- Estate Planning is Essential Whether You Are Married or Not - April 25, 2018
- Income Tax Basis in Estate Planning – Part 2 - April 23, 2018
- The Downsizing Generation: How to Handle a Surplus of Stuff When a Loved One Ages - April 18, 2018