Thursday, January 20, 2011

Why New Tax Laws Mean Reviewing Your Estate Plan

New tax laws mean it's time to review your estate plan. Here's why:

The Congress has passed several new tax laws that affect your estate and estate plan over the past 10 years. Each time, the new law has major adverse impact on your family and your plan.

Additionally, for people unfortunate enough to die during these periods, their families face enormous uncertainty in how their family member's estate must be handled.

The only way for you to know how these changes in the law affect you is to review your plan with your estate planning attorney. Here are recommendations:

  1. Review your plan at least every two years. The meetings could be short and simple, or if the change in the law is major, the meeting will be more in depth.
  2. Don't skip a review.
  3. Don't rely on your interpretation of the news to decide whether or not to have your plan reviewed.
  4. If you don't have a plan, then it's time to meet with an estate planning attorney for your first time.
  5. There are very few people alive who don't need an estate plan, so don't use that to not meet and find out about your situation.
  6. When you schedule your meeting, ask what you should bring and review so you will be prepared for the meeting.
  7. Ask what the charge is for the meeting so there are no surprises.
  8. Not to be repetitious, review your plan, review your plan, review your plan.

Follow these simple steps and stay current on the law and keep your plan current and your family protected.

Was this article helpful? Please comment or leave your questions. Thank you.

Bernie Greenberg

1 comment:

  1. My grandmother died last year and we had to spend an enormous deal of money on probate of her will and all these attorney fees pertaining to all new tax measures that took effect after her passing.

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