Review Your Estate Plan With These Questions in Mind

8:32 pm Estate Planning, Tax Planning

question2 150x150 Review Your Estate Plan With These Questions in Mind2013 brought a number of significant changes to the tax code, and with the year starting to wind down and the dust settled on the implications of these changes for your estate plan, it’s a good time for you to review your plan with these important questions in mind:

1. Do the estate planning strategies you employed when you created your estate plan still align with your life circumstances?  Review your will, trusts, living will and powers of attorney with this in mind.

2.  Are the people you named as guardians, executors or trustees or guardians still the right people to fill these roles?  If the answer is no, then you should choose others.

3.  Did you set up any trusts for minor children who have now grown up and have children?  You may want to change those trusts to benefit grandchildren now.

4.  Do you have any new property or other assets that need to be placed in a trust?  If so, you will need to transfer those to your trust during your lifetime.

5.  Does your estate plan comply with current tax law?  It should be reviewed keeping in mind the changes that were ushered in earlier this year.

If the answers to these questions mean you need to make a change or two to your estate plan, contact our Orange County law firm.

Leave a Comment

Your comment

You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Please note: Comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.