![]() If you have multiple children but only one is named as an executor/trustee, you may also want to consider naming your other children as co-executors or co-trustees to avoid disputes over your estate plan. Have any of your representatives encountered financial difficulties, and you are no longer confident in their ability to manage your estate? Last Will and Testament ( What is a Last Will and Testament?)ĭurable Power of Attorney ( What is a Power of Attorney?)Īdvance Directive for Health Care ( What is an Advance Directive?)Īll these documents name representatives (or "fiduciaries") to make decisions for you if you cannot make them yourself.ĭo you still trust these people to serve your best interests? Have your children become adults and, if so, would you like to appoint them as your representatives or alternates? ![]() ![]() Review your core estate planning documents such as your: If you have not spoken with an estate planning attorney (and a financial adviser, for that matter) since the new tax laws came into effect, we strongly recommend doing so. The IRS recently announced further changes to the estate tax and gift tax exemptions for 2019. Included in that overhaul were major changes to individual income taxes, deductions, business taxes, and estate taxes - all of which can dramatically impact your estate plan. Forbes even called it "the most comprehensive overhaul of the tax law in 31 years." The 2017 Tax Cuts and Jobs Act dramatically affected our tax laws. Does your plan take new tax laws into account? by Laura Bown, J.D. with Tiffany Ballenger Floyd, Esq.1. “Education is for improving the lives of others and for leaving your community and world better than you found it.” – Marian Wright Edelman While your student is immersing themselves into a new academic journey, take this time to reflect on & refine your long-term and short-term goals, organize them, and turn those goals into plans! Set an annual reminder to look up your trust documents and make any changes needed as life continues to transpire!Īs always, it’s wise to re-visit these topics continuously throughout the year. If you are finding yourself wondering how to allocate newly acquired assets, it may be time to add to your estate plan! Asset protection trusts are amongst the most popular because of their high-level of security and their ease in establishing (read more about asset protection here). As Your Trust Grows, Consider Asset Protection – Reassessing your financial position and the protections afforded to your assets in your current trust is vital! If you have accumulated more wealth or assets in the past year, there are many planning tools to maximize asset protection.New Purchases & Property Refinances: Remember, a properly funded trust will avoid probate issues! If you purchase new property, titling the property in the name of the trust is essential… If the property is not titled in the name of the trust, you may run into some issues! If you are thinking of acquiring new property or you have recently, meet with your estate planning attorney to make the proper changes!.In 2017, 5.51 million existing homes and 612,000 newly constructed homes were sold, according to the U.S. A more common issue is newly acquired property. Real Estate:If your trust owns your real property, any changes to the property ownership must be provided for in the trust to insure proper recording and title.Check on Your Funding:Your Trust is only as good as what’s actually IN it, so be sure to check to make sure your assets have been properly transferred!.Beneficiaries and Trustees – Changes will definitely be necessary if you’re updating any of your decision makers in your plan, or if you’re changing the beneficiaries (people/percentages/etc.).“family trusts”, “living trusts”, revocable trusts”) can be updated relatively easily, via an amendment (a few changes) or by a restatement (many changes) Items that may prompt a change to your estate plan: Most types of “estate planning” trusts (i.e. Just like a car, or a person, an estate plan requires some maintenance. If you already have an Estate Plan … Review & Refine Take advantage of the last few weeks left to organize your planning. If you haven’t gotten around to starting your estate planning -there’s no time like the present! Once the school year starts, things will only get busier & busier. ![]() Of course, this checklist would not be complete unless we addressed the need for establishing an estate plan! Today, I’ve included some reminders & advice on how to get your estate plan in order, before your schedule fills up and procrastination sets in! Back to School Checklist #2: Get Your Estate Plan in Order If you don’t have an Estate Plan- Get Started! On last week’s blog, I shared some easy, practical tips on how to get organized prior to the upcoming school year (See Part 1 Here).
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