Ten Reasons To Review Your Estate Plan Today

It is important to review your existing estate plan periodically to determine if it continues to meet the needs of your family and appropriately addresses tax considerations in light of ongoing changes in federal and state estate tax laws. 

We recommend a review of your estate plan when there is any change in your personal or financial circumstances, and particularly in the following situations: 

1. You have added or lost family members.  If your family has
   expanded, whether by birth, marriage or adoption, you will want to review your
   estate plan to ensure that it fulfills your wishes.  New family members may
   raise particular concerns about the need for asset protection or special needs
   trusts.  If your family has lost a member to death or divorce, you will want to
   review your estate plan to ensure that it is still effective.  You may also need
   to designate a new fiduciary if that family member was named as your executor,
   health care representative, or trustee.
2. If you are married, and you have not recently reviewed the ownership of
   your assets.  Changes in the federal and state estate tax laws and the
   relationship between the two may suggest altering the way you and your spouse
   own assets.
3. You are considering purchasing a new life insurance policy. 
   Life insurance can be an important part of an estate plan.  The ownership and
   beneficiary of life insurance should be carefully considered in the context of
   your plan, ideally prior to acquisition of a new policy.
4. You have not recently reviewed the beneficiary designations of your
   retirement benefits and life insurance. It is important to coordinate
   your beneficiary designations with your estate plan to ensure your estate plan
   works as you intend.
5. You purchased real estate.  Primary residences, investment
   property, and vacation homes are unique assets that require special attention in
   estate planning, especially if the property is located outside of
   Connecticut.
6. You own a business.  If you own a business, or an interest in a
   business, you must take care to ensure that the business operations can enjoy a
   smooth transition to family or business partners after your death, and minimize
   potential disagreements.
7. You want to make full use of your gifting opportunities. 
   Lifetime gifts can be an important planning tool to minimize estate taxes, shift
   wealth to the next generation and provide financial assistance to family members
   or other beneficiaries and reduce total income taxes during your lifetime. 
   Lifetime gifting opportunities may include tax-free gifting through the annual
   gift tax exclusion, educational and medical funding and qualified personal
   residence trusts.
8. The value of your estate has changed substantially.  A
   substantial increase (or decrease) in the value of your estate can have tax
   implications and may change the way you wish to structure your estate plan.
9. You wish to establish and fund a revocable trust.  You may want
   to take steps to transfer your assets to a revocable trust to manage your assets
   during your lifetime and avoid probate proceedings to distribute those assets
   after your death.
10. It has been three or more years since you last reviewed your estate
    plan.  It is prudent to review your fiduciary appointments, plan of
    asset disposition and beneficiary designations periodically, even in the
    absence of any of the foregoing events, to confirm that your estate plan
    reflects your current wishes and is appropriate in light of current tax and
    probate laws.

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