Most events can be broken down into three categories Personal, Financial
A note on “Legal” changes
Legal changes that can affect a plan include changes in the tax law, asset
protection law, probate law, or other law applicable to estate planning
and administration. Many of our clients will assume in error that this
only refers to the changes we hear about in public news sources (e.g.
Federal Estate tax law changes).
Yet much of what we do in estate planning is protecting our clients based
on the case law that develops continuously. Many of these pivotal cases
do not receive national attention by even the most respected public news
sources, and even if they do, the purpose is not to provide the reader
with a technical analysis of the case or applicable law.
Furthermore, the public news sources sometimes do more harm than good (albeit
unintentionally) because there is very little black and white when it
comes to this kind of analysis. Sometimes our clients will make assumptions
regarding the impact of the legal changes on their plan based solely on
what they read in the article. These kinds of assumptions can result in
big holes in the estate plan. It is therefore necessary to review your
estate plan for the impact of these kinds of changes as well.
Estate planning is not an event…it is a process. It is prudent to
review your estate plan every year. If you think it may be time to review
and/or update your Estate Plan, please give us a call at (203) 651-5521
or use our online contact form