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By J. Chris Miller JD
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Your personal and financial life is constantly changing. Significant changes always necessitate the need to review your life. However, a few key events trigger the need to review your estate plan. If any of the events below have occurred since you reviewed your estate plan, see a competent adviser to help you achieve your goals.
- Birth of a child or grandchild.
- Death of a spouse, beneficiary, guardian, trustee or personal representative.
- Marriage of you or your children.
- Divorce. (Review beneficiary designations and asset titling)
- Move out of state. An estate is settled under the laws of the state in which the decedent resided. Certain provisions of a will that are valid in one state may not be in another.
- Change in estate value. A large increase or decrease in the size of an estate may greatly affect some of the strategies that were implemented.
- Changes in business. Starting, buying or selling a medical practice or other business has an impact on your estate. The addition or death of a business owner will cause a review.
- Tax law changes. EGTRRA has dramatically changed the way we plan for estate taxes. It is important to note that only planning for estate taxes has been effected. Estate planning involves much more than just the motivation to reduce or eliminate taxes. Assuring that your family is financially taken care of, that children have the opportunity to go to college, that your debts are paid, that charitable desires are achieved, provisions for a needy child, proper selection of a guardian, the list goes on. Please do not use the new law as an excuse to not plan your estate.
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OVERHEARD IN THE FINANCIAL ADVISOR’S LOUNGE
From my perspective, estate planning is a team sport, and lawyers rely on financial advisers all the time to spot issues for clients. We do not share the opinion that non-lawyers are incapable of giving good advice.
-J. Chris Miller JD
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Filed under: "Ask-an-Advisor", "Doctors Only", Accounting, Career Development, Estate Planning, Ethics, Experts Invited, Funding Basics | Tagged: Chris Miller, divorce, EGTRRA, estate, estate plan, Estate Planning, estate value, family-law, financial planner, Financial Planning, J. Chris Miller JD, marriage | Leave a comment »
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