What Events Trigger Changes to the Estate Plan? Part Three

Most events can be broken down into three categories Personal, Financial and Legal.

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 HERE.