One thing about estate planning that you need to keep in mind is that the initial estate plan that you create is probably not going to be appropriate throughout the entirety of your life. As years pass things will inevitably change and you will have additions and subtractions to the family, alterations in your financial profile, and perhaps changes in marital status.
All of these life changes can call for adjustments to your estate plan, and this is why it is a good idea to develop a solid ongoing relationship with an experienced and savvy legacy planning attorney that you trust and respect. You should immediately consider how life changes are going to impact your existing estate plan and get together with your attorney as soon as possible to make the appropriate adjustments.
Life is precious, but it can be taken away from us in the blink of an eye so it is important to be proactive about being prepared every step of the way. If you procrastinate and delay before making necessary estate plan changes, you are putting the well-being of your loved ones in jeopardy. There is no reason to take any risks when the stakes are so very high.
Aside from the things that happen to you personally, there are societal changes that can affect your existing estate plan as well. One of these would be the ever-changing estate tax parameters. As a layperson you may not keep your finger on the pulse of all matters relevant to the field of elder law. But of course this is what legacy planning attorneys do for a living so they are always well aware of all legislative changes as they happen.
As you go forward in life, do so with the knowledge that changes that come down the pike may impact your existing estate plan. Be prepared to make adjustments as they become necessary with the assistance of an experienced and knowledgeable estate planning lawyer.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.