When a new year starts to come into focus, you may take stock of the responsibilities that you have been placing on the back burner, because a sense of renewal is in the air. With this in mind, we would like to emphasize the value of an estate plan review.
It’s Not a One Time Event
When you work with an estate planning attorney to devise your initial estate plan, the plan will be constructed based on your life situation at that time. The relevant laws that are in place at the time of the creation of the plan will also be a factor.
Things are inevitably going to change in your life. Changes in marital status are not uncommon, and your financial situation could change significantly as well. There could be additions and subtractions to the family, and people who were on your inheritance list could experience life changes.
All of these personal matters could trigger the need for an estate plan update. Plus, there are events that impact the society as a whole that can be relevant as well.
To provide an example, the estate tax parameters could be changed. On the federal level, the death tax is potentially applicable on transfers that exceed $5.45 million. In the state of New Jersey where we practice law, there is a state-level estate tax, and the exemption or exclusion is just $675,000.
There are legal steps that you can take to ease the burden if you are exposed to death taxes. You would not take any of these steps if your estate was not going to be subject to these taxes.
However, there can always be changes to the laws. In fact, the White House has proposed a reduction to the amount of the federal estate tax exclusion on multiple different occasions. This is one of the reasons why you should set up an estate plan review with your attorney every year or two.
Even if you have no concerns about estate taxes, if you have not examined your existing estate plan in a number of years, you should certainly schedule an estate plan review in 2016.
Get In Touch!
If you are convinced that action is required, our firm would be glad to help. We can examine your existing plan, gain an understanding of your current life situation, and make the appropriate recommendations. Your estate plan can be adjusted to meet your current needs if you decide that you would like to go forward, and you can proceed with peace of mind.
Our firm can also be of assistance if you are going through life without any estate plan at all. When you plan your estate, you are protecting your family, and every responsible adult should have a plan in place. With the new year approaching, you can put the procrastination behind you and start off on the right foot.
To set up a consultation, send us a message through the following page and we will get back in touch with you promptly: Warren NJ Estate Planning Attorneys.
- Challenging a Last Will - October 29, 2020
- Comprehensive Latter Life Planning - October 21, 2020
- Who Inherits from a Beneficiary Who Died? - October 14, 2020
