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You should consider an estate plan review every three to five years or sooner if Congress has enacted any new estate tax rules.
First consideration is the age of your estate plan, check your plans dates to see when the last time you updated the documents. During the past several years there have been changes to federal tax laws and don’t forget to review state specific tax rules.
If you have purchased any new real property other than the state where you live, a review is in order. States have their own set of rules that could impact your estate plan.
Any significant changes to you life such as children or divorce can trigger estate planning issues. A new marriage is another situation which should trigger a review of your plan. If you start a new business or make changes to an existing business structure, consider seeking a business review as it relates to estate planning which also includes succession planning.
Review the individuals you elected to administer your estate plan, that being your personal representative or executor. Review any trust documents you may have as well as the trustee of the estate.
If you find yourself relocating to another state, a review of your estate plan is important consideration. Different states have different rules especially if you still own property or business in another state other than the state of residence.
It not uncommon to have business interests and/ or real property in multiple states; check out the impact of these issues when reviewing your estate plan.
Finally, I recommend you seek help when reviewing or even setting up for the first time, an estate plan with a qualified estate planning attorney. Do not cut corners to save money on attorney fees as it can cost you’re a great deal more if you hire the wrong individual.
Daniel Iuculano, AAMS CMFC
Accredited Asset Management Specialist
Chartered Mutual Fund Counselor
