Having all the documents in line for your current needs is crucial for your short and long term planning, but it’s just as important to be sure that you are following up on those materials at least yearly. Circumstances change, laws change, and it’s simply prudent planning to review and verify the accuracy of what you have put together. Using an annual review program like the Lighthouse Maintenance Plan .
There are also very personal reasons that it’s wise to have your plans reviewed on an annual basis. Changes in your life circumstances may alter your wishes, transfer of assets, or the names of beneficiaries you have listed on your policy. Here are some of the most common reasons that you need to contact an estate planning attorney for some updates:
- A change in marital status
- Marriage gives you several opportunities to minimize taxes
- Divorce usually means the removal of the spouse from fiduciary responsibilities and the beneficiary role (unless you are mandate to maintain them on a policy per your divorce decree)
- Purchase or Sale of a Company/Business
- Purchase: Make sure you have plans in place for how the business can be sold or transferred if something happens to you
- Sale: Determine to what extent your estate is taxable, and have a plan for where the assets from the sale will go (like a trust).
- Moving to a new state
- Since each state has different requirements (and some even have state estate taxes), make sure your documents are in line with applicable laws.
- Birth, Death, or Life Changes for Fiduciaries or Beneficiaries
- If circumstances have changed, this is a great reason to update all your documents.
- Significant Changes in Your Personal Finances
- Has your estate decreased in value? Have you recently inherited money or won the lottery? This is a good time to reach out to specialists to be sure you’re maximizing your assets and minimizing taxes.
Be sure you’re getting the most out of your review program. The Lighthouse Maintenance Plan offered by Shah & Associates includes a yearly review, compliance with any changing requirements or laws, educational materials, telephone consultations, invitations to planning workshops,and 24-hour access to your documents. If you’d like to learn more about how the Lighthouse Maintenance Plan can help you get the most out of your tax and estate planning, contact LMP@lawesq.net