Is Your Estate Plan Up-to-Date?
Holidays tend to be the time of year, when you are surrounded by your loved ones, where most of you begin thinking about your legacy or estate planning goals. If something was to happen you, are your assets properly protected and correctly structured to go to the right people? Many times, people have an estate plan created and fail to review it again. When developing an estate plan, everyone’s situation is different and it is important to have an estate plan tailored to you and your needs. Even more importantly, your estate plan needs to be revised and updated as your life circumstance change.
Recently, we had a couple come into our office and they felt it was time to review their estate plan. After reviewing their trust, we found it was not aligned with what they wanted to accomplish. What was even more concerning is some of their assets were not listed in their trust, including their home. In addition, this couple wanted to leave some of their money to charity and we identified the way their trust was currently set up was going to create an unintended tax liability when either of them passed away.
I believe there is tremendous value in having your estate plan reviewed to ensure there are no unnecessary tax burdens and any money falling through the cracks. I suggest you give our office a call (775) 853-9033 and schedule a consultation with one of our retirement planning advisors to review your overall estate plan, as well as a beneficiary designation form analysis.