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Is Estate Planning a One-Time Thing?

Over 60% of Americans do not have an Estate Plan. So if you have an Estate Plan, you have taken a key step in preparing for your future and that is an important accomplishment. However, once started, an Estate Plan can grow and change throughout
your life.

The following events are just some examples of life changes that might require an update to your estate plan:

  • Changes in your finances or estate
    estate planning

If your estate plan involves a trust, it is important that all of your assets are covered by the trust. If you have a major change in finances or your estate, for example if you win the lottery or come into a large sum of money, it’s a good idea to review and make sure everything is in order.

  • Divorce or remarriage

Both of these situations can cause changes in your estate taxes. It is important to review your plan to ensure that your assets are protected in the case of a divorce.

  • Changes in the family

Does your Estate Plan account for adoption? Grandchildren? Guardians? Health Care Representation? As life changes, it’s important to look back on your Estate Plan and make sure that everything is being taken care of as necessary.

  • A move to another state

Estate Laws change from state to state. If you are becoming a permanent resident of another state—changing your driver’s license, car registry, and where you are registered to vote—it’s important to look into how changes in laws might affect your Estate Plan.

  • Changes in the law

If your state changes their tax codes on a federal or local level, it could affect your Estate Plan. Changes in HIPPA privacy laws might affect any Health Care Directives or Living Wills.

  • Selling or buying a business

Though non-liquid assets can be more difficult to account for in an Estate Plan, a change in the liquidity of your assets is a good time to review and update your plan.

If you have experienced one of these life events or if you are unsure if your Estate Plan is up-to-date, The Sigel Law Group P.A. is here to assist you. Attorney Barry Siegel has over 20 years of experience helping people of all ages plan for their futures. Call 561-955-8515 to schedule your complimentary consultation today.

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Medicaid Planning Attorney | Boca Raton, FL | Call 561-955-8515

Now is the time.

Protect yourself and those you love.

At the Siegel Law Group, we help South Florida families, seniors, and their loved ones prepare for the future.

Whether you need to create or update your estate plan, are preparing for long-term care, have a loved one entering or in a nursing home, or need to develop a strategy for your business, we are here to assist you.

Take your first step by contacting us for a complimentary consultation today.

Estate Planning Checklist | Boca Raton, FL | Call 561-955-8515

Before you go…

7 Steps to Make Sure Your Estate Plan is in Order

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