1. Marriage or Divorce
   A marriage or divorce will always require significant updates to your estate planning documents, whether you plan to leave all your assets to your new spouse, or to make sure your individual assets are preserved for your children. Married couples can also take advantage of estate tax planning strategies unavailable to individuals.
2. Change in Financial Circumstances
   Whether you’ve bought a new home or just been working hard to create a nest egg, a significant appreciation in assets should always prompt you to review your estate plan. If you have over $1 million in real estate, cash/stocks, retirement, and life insurance, there are probably opportunties to save on state estate tax and make sure your beneficiaries keep more of what you’ve earned.
3. Life Changes for Beneficiaries or Fiduciaries
   Sometimes life can throw us curveballs, and you should make sure your estate plan is drafted with these realities in mind. If a beneficiary is going through a divorce, has addiction or creditor problems, or needs government benefits, trusts can be revised or created to support your beneficiary without risking the loss or division of your assets. Likewise, if your named trustee or personal representative is experiencing similar problems, you might consider naming someone else.
4. Planning for Long Term Care
   70% of all individuals turning 65 today will need some kind of long term care, and nursing homes costs can run over $300 per day. Planning for long term care can help protect your home and other assets from the cost of care, especially if you and your spouse are currently healthy.
5. Changes in the Law
   If it’s been a while since you reviewed your estate plan, there have been a lot of changes that might mean it’s time for an update. Specifically, if you have a funded trust, and your estate is worth between $1 and $10.68 million (for a married couple), you should set up a review to see whether some changes could result in greater tax efficiency.

If any of these circumstances apply to you, give us a call to set up a review appointment.

Last updated by Debra Rahmin Silberstein on September 14, 2014.