Time to Review Your Estate Plan

HAVE YOU REVIEWED YOUR ESTATE PLAN IN LIGHT OF RECENT CHANGES IN THE ESTATE TAX LAWS?

If you have not looked at your will, trust, and powers of attorney recently, now is the time to do so. Estate planning documents need to be updated as the laws change and as your family and financial circumstances change.

There have been significant changes with respect to the federal estate tax laws in the recently enacted “Tax Cuts and Jobs Act,” signed on December 22, 2017.  These changes mean your current estate planning documents may no longer accomplish your intended goals.

For those who feel they will never be affected by the estate tax in light of the new increase in the exemption amount, there are still many reasons you may need to update your documents.

If you answer “yes” to any of the following questions, then your estate plan should be reviewed:

  • Did you change your state of principal residence?
  • Did you marry or divorce?
  • Did your spouse pass away or become incapacitated?
  • Did you have or adopt any children?
  • Did any of your beneficiaries marry, divorce, have children, pass away or become incapacitated, or have financial problems?
  • Did any of your designated fiduciaries/representatives pass away or become unfit to serve in their designated roles?
  • Did you retire?
  • Did your financial situation change?

Questions? The Law Office of Debra Simms is here to help. Call us today 386.256.4882

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