You may have a series of things on a checklist that you take care of once a year, and when New Year’s Day comes and goes you are reminded to tend to these responsibilities. If you want to be prepared every step of the way, you would do well to include an estate plan review when you are evaluating your annual “to-do” list.
Most people would never develop an investment portfolio and then if they did, never check on it or make revisions. Estate Planning is a form of financial planning as well and things that take place on an ongoing basis can make your existing estate plan obsolete.
For example, your financial station in life could improve. The total value of your assets may eventually exceed the estate tax exclusion that is in place. If you happen to pass away before you make any steps to gain estate tax efficiency, your heirs could lose a considerable amount of money unnecessarily.
Speaking of the estate tax exclusion, your own resources could remain constant and you could suddenly find yourself in the cross hairs of the estate tax because the exclusion amount changes all the time. In fact, one of these changes is scheduled for 2013 when the exclusion is going to be reduced from $5.12 million to just $1 million.
2012 is here and it’s time to review your estate plan. If you have not already done so, right now would be a good time to take action and arrange for a consultation with a good Central New Jersey estate planning lawyer.