Creating an estate plan to protect your financial future and that of your family is just the first step in the estate planning process. Once those documents are executed, you will still need to review your plan annually to ensure it continues to reflect your needs and achieve your goals. Here are 5 reasons that can trigger the need to review your existing estate plan:
Marriage, divorce, birth and death are four family changes that should prompt an estate plan review. If one of your beneficiaries dies, you will need to remove them from your estate plan. A new child or grandchild means adding beneficiaries. If your daughter gets a divorce, you will likely want to remove her ex from your estate plan but keep their children in. These circumstances can also trigger changes to those people designated as guardians, executors or health care agents.
The state of your own health may dictate changes to your estate plan, especially when it comes to long-term care. You may want to help a family member who has no other resources for long-term care, or if you yourself suddenly need long-term care, you may need to provide a trustee with new instructions on the kind of care you want – i.e., staying at home with in-home help or paying to live in a senior living facility.
You may suddenly want – or need – to retire, which could necessitate withdrawing from your IRA funds to support yourself instead of contributing more. If you have a family business, you may want to sell it or convert a sole proprietorship into an LLC or corporation, which could mean a significant change for your estate plan.
If the total value of your estate has fluctuated by more or less than 20 percent, this should prompt an estate plan review. A significant gain could provide you with assets you may want to gift to children or grandchildren to reduce or remove estate taxes.
Tax law changes all the time, so reviewing your plan at least once a year is the best way to either take advantage of any new changes that could benefit you, or revise your plan so these changes do not adversely impact your estate.
To review an existing estate plan or create one for yourself and your family, call Pierchoski Estate Law at 931.363.7222 today to schedule a time for us to talk about a Family Vision Meeting, where we can identify the best strategies for you and your family to ensure your legacy of love and financial security.
A Note from the Attorney, Stan Pierchoski:
The practice of law is a second career for me. After obtaining Master of Science degrees in both Nuclear and Mechanical Engineering, I worked in the Nuclear Power Industry for 15 years. Always having an interest in law, I attended and graduated from law school and founded the Pierchoski Law Firm in 2002 in Pulaski, TN. For several years I practiced as a criminal defense, trial attorney. After my parents passed I became interested in Trust and Estate Law and felt a strong calling to change my practice to the Estate Planning area.
For years I have been exclusively doing trust writing and wealth planning and have become proficient at it. Over the last several years my practice has evolved to serve all age groups including elders and Medicaid Planning. I am always open to your questions and am more than happy to chat with you about your concerns so give me a call or stop by my office. You’ll be glad you did!