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Scottsdale, AZ 85254
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November, 2006 Tax Tip

Ten Reasons to Implement or Review Your Estate Plan

 

If you are among those who do not have even a basic estate plan or, if you do have a plan, you have not had it reviewed in the past one to two years, I would strongly advise you to, as they say, “get with it”!

 

The following is a list of ten of the more significant events that would suggest that your estate plan be implemented or reviewed:

 

  1. Your estate plan has not been reviewed in at least 24 months

 

  1. You or a child has gotten married or divorced

 

  1. There has been a change in your health, or the health of your spouse or an immediate family member

 

  1. There have been significant changes in your financial situation or that of immediate family members

 

  1. There has been a change in the relationship between you and the people you have named as beneficiaries, trustees, guardians, or other fiduciaries of your estate plan

 

  1. You want to do tax planning to save you and your family money and taxes

 

  1. You have inherited or will be inheriting money or assets

 

  1. You have invested in or are going to invest in a new business and need to form an entity or enter into a buy-sell agreement

 

  1. You have retired or are contemplating retiring from a business or profession

 

  1. You would like to do some estate planning for your parents to (a) minimize their estate taxes, (b) protect your inheritance in case you are sued or get divorced, and (c) eliminate estate taxes at your death on what you inherit from them

 

If  (1) you see yourself in the above list, (2) are not working with an estate planning professional, and/or (3) would like a referral to an outstanding person, please let me know and I will put you in contact with an outstanding professional that would be happy to work with you

 

 

 

 

 



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