New Estate Tax Laws Should Trigger an Estate Plan Update
Estate planning has been in the headlines lately, with the estate tax debate taking front and center stage. No matter what the outcome of the 2011 estate tax, one thing is certain – you need to review your estate plan!
While a certain degree of flexibility is worked into an estate plan, provided you worked with an estate planning attorney, this flexibility normally is more along the lines of financial changes and normal life changes. Certain events should trigger an estate plan review, and these include:
- Marriage
- Divorce
- Birth of a child
- Death of a beneficiary, executor or guardian
- Children turning 18
- Change in laws relating to estate planning
- Change in estate tax laws
- Change in financial situation
- Sale or purchase of a major asset, including real estate or a business
As we wait for the dust to settle around the latest version of the estate tax law for 2011, make sure you take time to not only review your estate plan, but to make an appointment with an estate planning attorney to ensure that you receive the professional advice that you and your family need.
Author Bio
Catherine Hammond is the CEO and founder of Hammond Law Group, a Colorado-based estate planning law firm she founded in 2005. With a strong focus on protecting families from the legal consequences of disability and death, she creates comprehensive estate plans that minimize taxes, costs, and government interference.
A native of Denver, Catherine completed her undergraduate studies at Coe College in Iowa, and her Juris Doctorate from the University of Denver College of Law in 1993, concentrating on estate planning, tax, and mediation. Catherine is a member of various professional organizations, including WealthCounsel, ElderCounsel, the National Academy of Elder Law Attorneys, the Colorado Springs Estate Planning Council, and the Purposeful Planning Institute. Beyond her legal expertise, Catherine provides transformational coaching to support clients and their families through life transitions.
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