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Life Changes Can Require Revisions,
Updates To Estate Plan
By Linda Anderson, Esq.
Guest Contributor
Once you’ve created an estate plan, it is important to keep it up to date. You will need to revisit your plan after certain key life events.
Marriage
Whether it is your first or a later marriage, you will need to update your estate plan after you get married. A spouse does not automatically become your heir once you get married. Under Pennsylvania law, for example, your spouse may get one-third to one-half of your estate, and the rest will go to other relatives. You need a Will to spell out how much you wish your spouse to inherit.
Your estate plan will get more complicated if your marriage is not your first. You and your new spouse need to figure out where each of you wants your assets to go when you die. If you have children from a previous marriage, this can be a difficult discussion. There is no guarantee that if you leave your assets to your new spouse, he or she will provide for your children after you are gone.
There are a number of options to ensure your children are provided for, including creating a trust for your children, making your children beneficiaries of life insurance policies, or giving your children joint ownership of property.
Even if you don’t have children, there may be family heirlooms or mementos that you want to keep in your family. In order for you to insure that your money passes based on your instructions, you must have a Will!
Children
Once you have children, it is important to name a guardian for your children in your Will. If you don’t name someone to act as guardian, the court will choose the guardian. Because the court doesn’t know your kids like you do, the person they choose may not be ideal. In addition to naming a guardian, you may also want to set up a trust for your children so that your assets are set aside for your children when they get older.
Similarly, when your children reach adulthood, you will want to update your plan to reflect the changes. They will no longer need a guardian, and they may not need a trust. You may even want your children to act as executors or hold a power of attorney.
You may also have a special needs child or grandchild. It is critical, absolutely critical, for you to establish a supplemental needs trust as part of YOUR estate plan to avoid jeopardizing your family member’s entitlement to the important public benefits such as Medicaid or SSI.
Divorce or Death of a Spouse
If you get divorced or your spouse dies, you will need to revisit your entire estate plan. It is likely that your spouse is named in some capacity in your estate plan — for example, as beneficiary, executor, or power of attorney. If you have a trust, you will need to make sure your spouse is no longer a trustee or beneficiary of the trust. You will also need to change the beneficiary on your retirement plans and insurance policies.
Increase or Decrease in Assets
One part of estate planning is estate tax planning. When your estate is small, you don’t usually have to worry about estate taxes because only estates over a certain amount, depending on current state and federal law, are subject to estate taxes. As your estate grows, you may want to create a plan that minimizes your estate taxes. If you have a plan that focuses on tax planning, but you experience a decrease in assets, you may want to change your plan to focus on other things. Special consideration is required for the federal estate tax law changes that are certain to occur effective Jan. 1, 2013.
Unless the law is changed (again), the federal threshold for federal estate and gift tax is scheduled to be reduced to $1,000,000. Many people don’t consider themselves as millionaires, but with a home, life insurance death benefits and a retirement account, many people have a $1,000,000 in taxable assets upon their deaths!
Other
Other reasons to have your estate plan updated could include:
• A spouse or other beneficiary has developed a chronic illness or special needs and may need nursing home or long-term care;
• You move to another state;
• Federal or state estate tax laws have changed;
• A guardian, executor, or trustee is no longer able to serve;
• You wish to change your beneficiaries;
• It has been more than 5 years since the plan has been reviewed by an attorney.
A final thought, the only real way for you to keep control of your legal, medical and financial issues is for you to get your estate planning documents in order!
Linda M. Anderson, J.D., LL.M., is a Certified Elder Law Attorney practicing in the specialized areas of Elder Law, Special Needs Planning, General Estate Planning Estate and Trust Administration and Veterans Benefits. She is also accredited by the Department of Veterans Affairs to assist in the preparation of Claims for Aid & Attendance. Further information about Linda and her law firm can be found at www.AndersonElderLaw.com, or by calling 610-566-4700.
Updates To Estate Plan
By Linda Anderson, Esq.
Guest Contributor
Once you’ve created an estate plan, it is important to keep it up to date. You will need to revisit your plan after certain key life events.
Marriage
Whether it is your first or a later marriage, you will need to update your estate plan after you get married. A spouse does not automatically become your heir once you get married. Under Pennsylvania law, for example, your spouse may get one-third to one-half of your estate, and the rest will go to other relatives. You need a Will to spell out how much you wish your spouse to inherit.
Your estate plan will get more complicated if your marriage is not your first. You and your new spouse need to figure out where each of you wants your assets to go when you die. If you have children from a previous marriage, this can be a difficult discussion. There is no guarantee that if you leave your assets to your new spouse, he or she will provide for your children after you are gone.
There are a number of options to ensure your children are provided for, including creating a trust for your children, making your children beneficiaries of life insurance policies, or giving your children joint ownership of property.
Even if you don’t have children, there may be family heirlooms or mementos that you want to keep in your family. In order for you to insure that your money passes based on your instructions, you must have a Will!
Children
Once you have children, it is important to name a guardian for your children in your Will. If you don’t name someone to act as guardian, the court will choose the guardian. Because the court doesn’t know your kids like you do, the person they choose may not be ideal. In addition to naming a guardian, you may also want to set up a trust for your children so that your assets are set aside for your children when they get older.
Similarly, when your children reach adulthood, you will want to update your plan to reflect the changes. They will no longer need a guardian, and they may not need a trust. You may even want your children to act as executors or hold a power of attorney.
You may also have a special needs child or grandchild. It is critical, absolutely critical, for you to establish a supplemental needs trust as part of YOUR estate plan to avoid jeopardizing your family member’s entitlement to the important public benefits such as Medicaid or SSI.
Divorce or Death of a Spouse
If you get divorced or your spouse dies, you will need to revisit your entire estate plan. It is likely that your spouse is named in some capacity in your estate plan — for example, as beneficiary, executor, or power of attorney. If you have a trust, you will need to make sure your spouse is no longer a trustee or beneficiary of the trust. You will also need to change the beneficiary on your retirement plans and insurance policies.
Increase or Decrease in Assets
One part of estate planning is estate tax planning. When your estate is small, you don’t usually have to worry about estate taxes because only estates over a certain amount, depending on current state and federal law, are subject to estate taxes. As your estate grows, you may want to create a plan that minimizes your estate taxes. If you have a plan that focuses on tax planning, but you experience a decrease in assets, you may want to change your plan to focus on other things. Special consideration is required for the federal estate tax law changes that are certain to occur effective Jan. 1, 2013.
Unless the law is changed (again), the federal threshold for federal estate and gift tax is scheduled to be reduced to $1,000,000. Many people don’t consider themselves as millionaires, but with a home, life insurance death benefits and a retirement account, many people have a $1,000,000 in taxable assets upon their deaths!
Other
Other reasons to have your estate plan updated could include:
• A spouse or other beneficiary has developed a chronic illness or special needs and may need nursing home or long-term care;
• You move to another state;
• Federal or state estate tax laws have changed;
• A guardian, executor, or trustee is no longer able to serve;
• You wish to change your beneficiaries;
• It has been more than 5 years since the plan has been reviewed by an attorney.
A final thought, the only real way for you to keep control of your legal, medical and financial issues is for you to get your estate planning documents in order!
Linda M. Anderson, J.D., LL.M., is a Certified Elder Law Attorney practicing in the specialized areas of Elder Law, Special Needs Planning, General Estate Planning Estate and Trust Administration and Veterans Benefits. She is also accredited by the Department of Veterans Affairs to assist in the preparation of Claims for Aid & Attendance. Further information about Linda and her law firm can be found at www.AndersonElderLaw.com, or by calling 610-566-4700.