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February 5, 2021

3 Tips for Reviewing Your Estate Plan
Estate Planning
Financial Planning
Alli Thomas

When is time to come to review your estate plan? A good rule of thumb is to review it whenever you go through major life changes. These include events such as selling your home or business, going through a divorce, remarrying, or the death of a spouse.

If you didn’t review your estate plan in 2020, it’s even more important to review it as soon as possible because of the substantial changes caused by the pandemic and the government response. Taking political risk and legal changes into account is critical when considering creating or modifying your estate plan. Here are three things to think about:

  1. While nothing has been announced yet, the recent shift in political power could have a big effect on estate taxes. Even though Congress is currently preoccupied with other matters, it’s not a good idea to just “wait and see” what happens. If you put off reviewing your estate plan until after a bill is proposed, you may have a hard time finding a qualified estate lawyer or financial planner to work with. Or you may be excluded from any potential grandfathering if new laws are passed. When it comes to estate planning, sooner is always better than later.
  2. Reconsider making large gifts to trusts that you may not be able to access just to use your exemption before a possible change in political power. An experienced financial advisor or estate planner can help you figure out the best type of trust that will allow you to retain control over your money. Some of the options that may work are a Spousal Lifetime Access Trust (SLAT) or a Domestic Asset Protection Trust (DAPT), the latter of which is permitted in 19 states.
  3. Meet with your financial team to discuss how the recent SECURE Act, which took effect at the start of 2020 might affect your estate plan. Wondering what you should specifically review? To name a few: insurance coverage, beneficiary designations and the type of trusts you currently have! You should make sure that all of these components of your estate plan are still optimal now that the new law is in place if you haven’t already.

If you need to create an estate plan, or you’re just looking for a second opinion on your existing plan, we can help! Click here to make a no-cost, no-obligation appointment with our estate planner

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