You have had your Will done, a Trust set up, and Power of Attorney executed. Are you confident that your loved ones will be appropriately cared for in the event of your death? Keeping your estate plan current is essential to ensure your family's future when you pass away.
Most often, changes to state and federal laws, as well as the structure of your family, both physical and economic, lend to the need for a change in your current estate plan. The Law Offices of James C. Shields can review your current estate documents and plan to determine if any applicable tax laws, lifestyle and employment changes, and family structure variations require the need to make an adjustment in order to protect your assets and loved ones. An article published by EstatePlanning.com suggests that your plan be reviewed by a legal professional at least every two years. Further, several occurrences where an estate plan update would be deemed necessary include, but are certainly not limited to, changes in state and federal estate tax laws, a shift in the relationship with the appointed guardians of your minor children, divorce and remarriage, and lawsuit and liability protection.
When your family suffers the loss of their loved one, you do not want them saddled with the additional burden of unnecessary taxes and liabilities from the funds you worked so hard to procure to ensure their future. Additionally, you want to make sure your loved ones are in the care of those qualified to protect their financial and personal needs. The capable attorneys at our firm will be happy to help you navigate this sometimes overwhelming aspect of end of life planning.