Estate Planning Through Life Changes

Posted by on Dec 8, 2014 in Uncategorized | No Comments

Margaret-MenicucciThe birth of a child.  The passing of a parent.  An empty nest.  These are important milestones as we journey through life.  At these turning points, developing or re-evaluating an estate plan should be a priority.  Change drives the need for updating your plan.  At times, life changes will make care-taking a priority.  Suddenly the presence of a wonderful child in your home raises the concern about who will be the guardian if you pass away.  How will you ensure that your assets are used to benefit your child?

At times, life changes will give you the opportunity to take stock of your accomplishments and plan for the future.  An empty nest or retirement opens a space to assess and protect the benefits of your hard work.  Estate planning in this phase contemplates asset protection as well as developing a stronger vision about how those assets will first be used for your retirement and ultimately be distributed to your family or favored charities. External changes may cause you to re-evaluate your estate plan.  The dramatic change in the Federal Estate Tax Exemption (now $5.34 million per person) means that many people no longer need complex tax-planned wills and trusts.  Simpler plans can achieve your goals while making probate easier or unnecessary.

In each phase of your life, we  can help you craft your plan to fulfill your goals and provide security.  We ensure that every estate plan includes planning for your disability through tools like financial and medical powers of attorney.  Without those tools, your loved ones will face significant obstacles if a sudden injury or illness prevents you from being able to manage your affairs.  We can also help you plan your legacy through Wills and trusts that enable you to pass your earned and well-tended assets to the next generation.  Passing away without a Will, can result in unnecessary conflict and expense for your loved ones as they wade through the probate process.  Those types of chaotic changes can be avoided by dedicating time now to ensure that your estate plan meets your goals and helps your loved ones when you no longer can.

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