When you get the oil in your car changed, they place a little sticker in the corner of the windshield to remind you of when you need to bring the car back in for another lube. When you plan your estate initially there is no such sticker attached to your documents, but you should recognize the fact that periodic updates are very likely to be necessary.
With it being a new year, you may want to consider an annual estate plan review. As we all know, there are things that happen in our lives that can be directly relevant to the estate plan that we have in place. One very common scenario that would fit this description would be a change in marital status.
If your financial situation changes considerably you may want to adjust your estate plan, and additions and subtractions to your family can call for estate plan updates as well.
The types of things mentioned above are going to be plainly evident to you. But there are ongoing changes to relevant laws that can make estate plan adjustments necessary. Changes to the estate tax parameters would be among them, and in fact we have a significant change scheduled at the end of 2012.
Because of the fact that 2012 is a transitional year for the estate tax, you would do well to work with a professional to assess your current plan in light of coming changes. If you’re ready to take action, simply pick up the phone and arrange for a consultation with a licensed and experienced Indianapolis 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.