In this 8 part series we will be addressing the 8 major mistakes made by individuals who have already created an estate plan. The first mistake is not keeping up with law changes. Law changes are fairly constant, although most changes will not impact your estate plan, some will.
An example of a law change that may affect your plan is the federal estate tax, this tax was created years ago and the rules and estate tax amount have changed many times, most recently in 2017.
Another recent law that has changed estate planning is the SECURE Act, eliminating stretch IRA rules and your plan may need to be updated. Additionally there may be new planning strategies, even if a law doesn’t change attorneys may find better ways to handle particular situations.
While it may be difficult to keep up with ever-changing laws and legal strategies you should make sure to maintain a relationship with your attorney. Consistent trust reviews is key to ensuring that your plan doesn’t run afoul of this mistake. All clients of our firm are invited to take advantage of a trust review every three years, additionally we stay educated so that if there are law changes that will impact our clients we notify them.
If your plan was created years ago and has not been recently reviewed you should take the time to schedule a trust review appointment to ensure your plan still works for you and your loved ones.