If there has been a change in any one or more of the factors listed since the last review of your Estate Planning strategy, then it is time to get in touch with your estate planning advisor and update the plan.
The marital status of you or any of your family members
The birth or adoption of any children or grandchildren
A serious illness or disability of you or any other family member
Changes in the support provided for parents, children, in-laws, or others
New financial problems of any family members
Gifts to family members, other than those scheduled in your plan
Loans to family members, either given or forgiven, other than those in your plan.
The amount of life insurance provided or beneficiaries of the insurance
Any aspect of your business ownership, including valuations, sales, and new ventures
The overall value of your estate, other than what was anticipated in the last plan
Details of your will, including:
Specific property bequested
Trust arrangements, including beneficiaries, trustees, and ownership of property
Moving, even within the same state, or spending more time at a second residence
Your choice of beneficiaries or goals for disposition of any of your property
Death of any benficiaries, including family and friends
Has the succession plan for your business changed?
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Called “America’s #1 Retirement Expert,” Bob Carlson’s retirement planning advice spans from tax and Estate Planning strategies to IRA, Social Security, medical care and investment strategies. His advice has helped tens of thousands of people for more than a decade.