End of the Year is Perfect Time to Revisit Your Estate Plan

4:41 pm Estate Planning

calendar 150x150 End of the Year is Perfect Time to Revisit Your Estate PlanMany people who enact an estate plan for themselves and their families make the mistake of thinking that once the estate plan is drawn, that’s it. The fact is, estate planning is an ongoing process.  Relocation, divorce, marriage, the death of a spouse or child who would have been beneficiaries, illness, moving out of the country, changes in wealth for better or worse — all of these are reasons to revisit your estate plan as well as your will.

Anytime you move, let your estate planning attorney know. Estate and will laws change from state to state, and there are also statutes in place for those who leave the country, with or without their families. To keep your estate and assets safe from taxation or from being interpreted incorrectly in the event of your passing, make sure you revisit your will with your lawyer whenever you think a change in your financial or personal life may affect your estate. This is especially important for those whose estates are more than several million dollars; taxation laws from state to state can wreak havoc on your estate and assets if you haven’t taken the necessary precautions.

You may want to consider a foreign asset protection trust if you move to a state where the minimum estate worth for taxation is lower (for example you lived in a state where the minimum was three million and moved to a state where the minimum is 2.3 million). Talk to your asset protection attorney to see if foreign asset protection is a sensible choice for your estate.

Going over your estate plan and your will with your attorney once a year is a simple matter of exercising good common sense. Make that appointment today to keep your family’s interest protected.

Let our Costa Mesa law offices help you get started by contacting us today.

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