Planning Tip: Like your car, your estate plan needs regular “servicing.” Set aside a specific time every year (your birthday, anniversary, family gathering) to review it. Become familiar with it. Keep it current so it will perform the way you want when you need it.
The following situations should trigger the need to seek immediate legal help to review or revise the family’s current estate and tax plan:
• Serious or life-threatening illness
• Illness or death of a spouse
• Contemplation of marriage, or remarriage
• Birth, death, or illness of a parent, sibling, child, or grandchild
• Disability of parent, sibling, child, grandchild, or a dependent or handicapped dependent that may require special considerations or a special needs trust
• Marriage or divorce of a child or grandchild
• Your chosen Health Care Agents can no longer serve
• The business has grown (or declined) significantly in the last few years
• Personal net worth has grown (or declined) significantly in the last few years.
• Your successor trustee, guardian, or administrator moves, becomes ill or changes mind
• Move to a new state
• Buy property in another state
• Estate Tax Law changes
• You change your mind
This list is not meant to be all-inclusive and only names some of the situations that may require revisions to an estate plan.
Ross Estate Planning, LLC serves Door, Kewaunee, Green Bay, and the rest of Northeast Wisconsin. We provide asset protection, estate planning, and business planning services to individuals and families, organizations, and company owners with over 40 years of expertise. Because we feel that educating the client and obtaining accurate information is a priority while providing excellent estate planning services. We offer clients and interested clients a complimentary estate planning book and a complimentary consultation with an experienced attorney.