The New Year is a Great Time to Review Your Estate Plan

We would like to add one more item to your list of New Year’s resolutions—reviewing your estate plan.

Why is it so important to keep your plan up to date? In a word, change. As you grow older, your needs inevitably change. So, too, does your health, your income, the value of your assets, and your overall financial situation. The needs of the people you love change as well. Your children may get divorced and remarry, or begin families of their own. Sadly, a loved one might suffer a financial setback and accrue significant debt, or fall under the influence of a person you don’t trust, or even develop a dependency on alcohol or drugs.

In addition, the law itself is in a constant state of change, as are the financial landscape, the tax codes, and more. New or amended laws may make certain asset protection strategies and tools less effective, while at the same time creating new opportunities for wealth preservation and growth.

While it is important to review your plan every year, if you or your loved ones experienced significant changes over the course of last year, it is crucial to have your plan reviewed as soon as possible.

As you reflect upon the changes that took place last year, and look forward to the new year, we hope you also consider the implications of these changes for your estate plan. As always, we are here to assist you.