Estate planning lawyers will tell you that even young adults should have a basic estate plan in place. Executing a vehicle of asset transfer along with the appropriate advance health care directives is a must for all responsible people.
However, the estate plan that is appropriate for you when you land your first career position is not going to be sufficient as things in your life begins to change.
The suggestion here is to be proactive about always keeping your estate plan up-to-date. As certain events in your life take place you are going to have to ask yourself how they apply to your existing estate plan.
There are three very common occurrences that we would like to highlight here. The first one is an improvement in your financial standing. As your assets grow they may cross the threshold and enter into taxable territory with regard to the estate tax. The exclusion is going down to just $1 million next year so this is certainly something to take seriously.
Secondly, additions and subtractions to your family will invariably necessitate estate plan revisions.
Changes in marital status are also going to trigger the need for estate plan updates. Your attorney can recommend a solution that will provide for your heirs as you see fit in light of your relationship status at any given time.
If you would like to discuss your current plan with an expert and potentially make some necessary alterations simply take a moment to pick up the phone to arrange for a consultation with a good 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.