The minute that you exit the offices of your estate planning lawyer you may breathe a sigh of relief. A high percentage of people are going through life without an estate plan, so when you finally take the plunge and put the procrastination behind you it can be a satisfying feeling.
However, things don’t begin and end there. Life changes inevitably take place that will render your existing estate plan in need of revisions.
Additions & Subtractions To Family
When someone new comes along you will have to adjust your existing plan as a response. And on the other side of the spectrum, if you were to lose someone who was in line for an inheritance you must make adjustments.
Crossing Estate Tax Threshold
The line that separates people who are exposed to the estate tax from those who are not is the amount of the estate tax exclusion as it compares to the value of your estate. Financial success can result in a move into taxable territory. Should this take place you will want to adjust your existing plan with estate tax efficiency in mind.
Marital Status Changes
If you were to get divorced it is extremely likely that you are going to want to make some changes to your estate plan, and the same thing will be true if you ever decide to remarry.
Making preparations for the future is an ongoing process. To be optimally prepared at all times the wise course of action is to develop a good long-term working relationship with a licensed and experienced Oklahoma City estate planning lawyer.
- Founding Attorney, Larry Parman, Shares a Personal and Insightful Message about the Coronavirus Situation and How the Firm is Handling It (click on the video below) - March 27, 2020
- Understanding Estate Planning – Developing a Fair Inheritance Plan - March 26, 2020
- Use Trust Protectors for Added Protection and Flexibility - March 25, 2020