Estate plans must be adjusted to the changing needs of your family.
Do you think estate planning is a one-time event?
I am sorry.
You are wrong.
According to recent Wicked Local article titled “Five Reasons to Review Your Estate Plan,” reviewing your estate plan regularly is essential to protecting your loved ones and your assets.
What are reasons to review and update your estate plan?
You have minor children.
Maybe you had children, but have added a few more.
You will need to select guardians for these little ones.
This person will rear your children should you and your spouse be unable to do so.
You will also need to adjust your estate plan so your assets will be protected for them.
Your estate is valued above the state and federal exemption amounts.
Tax planning is an important part of estate planning.
Some states have a lower estate tax threshold than the federal limit.
Some states even have an inheritance tax.
These could impact you whether you are single or married.
Fortunately, neither Kansas nor Missouri has its own estate or inheritance tax.
Work with an experienced estate planning attorney to minimize the impact of taxes on your estate.
Your last estate plan is several years old.
As new laws go into effect, your estate plan should reflect the changes.
Be sure to include digital asset planning in your updated estate if you have not done so already.
You have accounts with beneficiary designations.
Not all assets pass through a last will or trust.
Some assets and accounts are inherited through beneficiary designations.
Review annuities, retirement accounts, and life insurance policies to make sure you are not leaving an inheritance to your ex-spouse.
You want to plan for long-term care costs.
Your estate planning, retirement planning, and financial planning are interconnected.
Make sure your estate plan does not disqualify you from Medicaid, if you will require this for long-term care.
You should also use long-term care planning to protect your assets within your estate planning, to include long-term care insurance.
If any of these factors apply to you, schedule an appointment with an experienced estate planning attorney to review the plan you have in place.
He or she will be able to advise and adjust to meet your current situation.
Reference: Wicked Local (August 29, 2019) “Five Reasons to Review Your Estate Plan”