Reasons to Update Your Estate Plan

  • Getting rid of the A/B Trust provision due to changes in the Estate Tax Exemption: Since 2001, we have seen the federal estate tax exemption rise from $675,000 to 12 million per person and as a result many estate plans have unnecessary estate tax planning (i.e. A/B Trust Provision) which can place an undue tax burden on your loved ones.
  • Children: If you did not have children when you drafted your estate plan, you obviously need to update your planning to make sure your children are taken care of financially and physically.
  • Grown Children: You may want to update your estate plan now that your children are of sufficient age and maturity and can take over in case something happens to you.
  • Changes in your relationships with your trustees and beneficiaries: If the nature of your relationship with any of your appointed successor trustees or beneficiaries has changes for the worse, you should consider removing them from your estate plan or in the case of beneficiaries change the way they would receive your estate.
  • Your beneficiaries have issues: If your designated beneficiaries have financial issues, substance abuse problems or are disabled and eligible for government benefits, you will want to adjust your estate plan to make sure your estate will be used to improve your situation and not make it worse.
  • Divorce: Obviously if you get divorced or separated from the spouse you did your estate planning with you will need to create a new estate plan to reflect your current circumstance. This is especially critical now that your risk for having your estate probated if you pass on is much higher now that you are single.
  • Asset Protection Planning for your heirs: We can upgrade your trust so that your heirs receive their inheritance in a protected trust (Dynasty or Personal Asset) that could not be touched by future creditors or spouses while still providing your grown children complete control and access to their inheritances.