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.