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.
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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