I was recently speaking with a husband and wife couple. This couple asked me an interesting question. They asked when is it a good time to review a previously drafted estate plan. Well, that’s a great question! However, if you have to ask, then today is probably a good time to review your estate plan.
The estate planning and tax laws are very complex. In addition, the law is constantly changing. For instance, did you know that Bill Gates could structure his estate plan so that his entire estate passes tax free after his death? Most people are not aware of this aspect of the estate and tax laws. For this reason, it is very important to regularly review your estate plan to ensure compliance with the changes in the law as well as the changes with your family’s circumstances.
Listed below are some of the common reasons that people may need a review and an update of their estate plan:
- Adult child gets married
- Birth of grandchildren and great grandchildren
- Death of an adult child, spouse, or an executor/trustee/agent on power of attorney
- Increase in wealth or change of tax bracket
- IRA conversion or 401(k) rollover
- Purchase of new real estate or other property
- Change in the law
As you can see, there are a number of reasons to update your estate plan, or at the very least conduct a thorough review of your estate plan on a regular basis. Just one misstep with your estate plan could result in delays, damaged family relationships, exposure of your financial affairs to a public and intrusive government probate court process, and tens of thousands of dollars in financial cost to your surviving family.
For more information
If you have questions or concerns regarding the proper comprehensive estate plan to put in place for your family to ensure a smooth transition of your wealth to the next generation, then please contact our office online or at 513-241-0400 to schedule a complimentary visit and conversation so that we can discuss your estate planning needs.
We look forward to hearing from you!