When and how often do you need to review and update your estate plan? The answer will vary from person to person, family to family, but a number of factors will be influential.
Any changes to the federal and/or New York State estate tax laws may impact your estate plan. Particularly, changes to the estate tax exemption amount may call for the dramatic revision of your estate plan. The exemption amount is the number of assets that may pass to your beneficiaries tax-free upon your death. Your Will and Trusts may need to be revised to accommodate any increases or decreases in this exemption amount. Changes in federal and state tax rates may also impact your planning strategies.
Changes in your family composition may call for you to update your Will and estate plan. The birth of children or grandchildren, the death of a loved one, marriages and divorces of yourself or any of your beneficiaries, and health care changes for you or your loved ones may require an update of your estate planning documents.
At a minimum, we recommend that our clients review their estate plans every two years or sooner if any of the above applies. Particularly, we recommend the following:
Our Long Island estate planning lawyers are recognized leaders in the field of Trusts and Estates. If you need help creating, reviewing, or updating your estate plan, contact our Elder Law firm today!
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