Ensure Your Loved One’s Security

An estate plan allows you to direct how and to whom your property will be distributed after your death.  If you have no estate plan, your property could be distributed according to your state’s intestacy laws without regard to family needs or your desires.

An Estate Plan includes:      • A Will      • An Executor      • Life Insurance      • A Trust Plan    >> Gifts to Minors    >> Charitable Gifts      • Disability Planning When To Review Your Estate Plan Everyday personal and family changes can make yesterday’s well-devised estate plan inadequate today.  Consequently, you should be aware of events that may signal the need for an estate plan review and possible revision.  Here are some to be aware of: • Births You probably will want to consider the needs of a new child or grandchild in planning your estate.   • Deaths The death of your spouse or another beneficiary can greatly affect your plan.  So, too, can the death of your executor, your children’s guardian, or your trustee. • Marriages If you marry, you most certainly will want to review your estate plan.  When your children marry, you may want to revise your plan. • Divorces Most people review their estate plans if they divorce.  But many fail to consider the effects of a beneficiary’s divorce on that beneficiary’s inheritance.  For example, if your Will gives your son and his wife joint ownership in your home, think of the problems that could arise if they divorce and you don’t revise your Will. • Relocation to Another State If you move to a new state, your estate will be settled according to the laws of that state.  Certain provisions of your estate plan that are valid in your current state of residence could be invalid under the laws of the new state.  Also, having your executor and witnesses to your Will residing in a state hundreds or even thousands of miles away could hamper the administration and settlement of your estate. • Changes in Estate Composition A substantial increase or decrease in the value of your estate since you designed your estate plan may make a review or revision necessary. • Business Changes Certain business changes signal time for an estate plan review.  These changes include starting, buying or selling a business; entering into a buy-sell agreement that provides for the sale of your business interest when you die; changing your business’ legal form; and the death of a business partner or another important member of your firm. • Tax Law Changes On average, the tax law changes every couple of years.  Any changes in the law may make your estate plan outdated.  The phaseout and eventual repeal of the estate and generation-skipping transfer taxes are prime examples. The best way to keep your estate plan up-to-date is to review it on a regular basis.  We would be happy to help.  We can review your plan with you and your other professional advisors to determine whether changes are needed.  We also can tell you more about the estate-planning strategies we’ve discussed here and how you can use them to help ensure your loved ones’ future financial security.  Is Your Estate Plan On Target? Use the following ten-point checklist to find out.  Just answer each question “Yes” or “No.”  Does your estate plan: 1. Include an up-to-date Will? 2. Name a guardian for your minor children? 3.   Name an executor (or personal representative) and trustee you are confident will carry out your wishes? 4. Take into consideration any special medical or educational needs certain family members may have? 5. Include provisions for long-term health care for you and your spouse and/or other dependents should the need arise? 6. Take advantage of the benefits of lifetime gifts? 7. Include charitable gifts? 8. Provide investment assistance for family members who may need help managing their inheritances? 9. Minimize taxes? 10. Provide for a smooth and tax-advantaged transfer of your business interests at your retirement or death or if you become disabled? Every “No” answer may indicate a gap in your estate planning.