[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/more-reasons-to-review-your-estate-plan-new-york-ny-greenwich-ct\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/more-reasons-to-review-your-estate-plan-new-york-ny-greenwich-ct\/","headline":"More Reasons to Review Your Estate Plan","name":"More Reasons to Review Your Estate Plan","description":"\u201cTalking about illness, death and taxes is not most people\u2019s idea of a good time (except for us estate planners). That being said, there are times in life when it\u2019s time to move updating your estate plan off the \u2018to do\u2019 list and on to the \u2018done\u2019 list. Here are those times:\u201d Every estate planning […]","datePublished":"2019-09-25","dateModified":"2024-04-04","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b0240a4b1e1f6.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b0240a4b1e1f6.jpg","height":600,"width":900},"url":"https:\/\/www.amorusolaw.com\/blog\/more-reasons-to-review-your-estate-plan-new-york-ny-greenwich-ct\/","about":["Beneficiary","Estate Planning","Guardians","Minor Children","Retirement Planning"],"wordCount":652,"keywords":["Beneficiary","Estate Planning","Guardians","Minor Children","Retirement Planning"],"articleBody":"\u201cTalking about illness, death and taxes is not most people\u2019s idea of a good time (except for us estate planners). That being said, there are times in life when it\u2019s time to move updating your estate plan off the \u2018to do\u2019 list and on to the \u2018done\u2019 list. Here are those times:\u201dEvery estate planning attorney will tell you that they meet with people every day who sheepishly admit that they\u2019ve been meaning to review their estate plan, but just haven\u2019t gotten to it. Let the guilt go.Attorneys know that no one wants to talk about death, taxes or illness, says Wicked Local in the article “Five Reasons to Review Your Estate Plan“. However, there are five times when even an appearance before the Queen of England has to come second to reviewing your estate plan.You have minor children. An estate plan for a couple with young children must do two very important things: address the care and custody of minor children should both parents die and address the management and distribution of the assets that the children will inherit. The will is the estate planning document used to name a guardian for minor children. The guardian is the person who will determine where your children will live and go to school, what kind of health care they receive and make all daily decisions about their care and upbringing.If you don\u2019t have a will, the court will name a guardian. You may not like the court\u2019s decision. Your children might not like it at all. Having a will takes care of this important decision.Your estate is worth more than $1 million. While the federal estate plan exemptions currently are at levels that remove federal tax from most people\u2019s estate planning concerns, there are still state estate taxes. Some states have inheritance taxes. Whether you are married or single, if your assets are significant, you need an estate plan that maps out how assets will be left to your heirs and to plan for taxes.Your last estate plan was created before 2012. There have been numerous changes in state estate tax laws regarding wills, probate and trusts since 2012. In addition, there have been big changes in federal estate taxes. Strategies that were perfect in the past, may no longer be necessary or as productive because of these changes. While you\u2019re making these changes, don\u2019t forget to deal with digital assets. That includes email accounts, social media, online banking, etc. This will protect your fiduciaries from breaking federal hacking laws that are meant to protect online accounts, even when the person has your username and password.You have robust retirement plans. Your will and trust do not control all the assets you own at the time of death. The first and foremost controlling element in your asset distribution is the beneficiary designation. Life insurance policies, annuities, and retirement accounts will be paid to the beneficiary named on the account, regardless of what your will says. Part of a comprehensive will review is to review beneficiary designations on each account.You are worried about long-term care costs. Estate planning does not take place in a vacuum. Your estate plan needs to address issues like your plan, if you or your spouse need care. Do you intend to stay in your home? Are you going to move to live closer to your children, or to a Continuing Care Retirement Community? Do you have long-term insurance in place? Do you want to plan for Medicaid eligibility?All of these issues need to be considered when reviewing and updating your estate plan. If you\u2019ve never had an estate plan created, this is the time. Put your mind at ease, by getting this off your \u201cto do\u201d list and contact an experienced estate planning attorney.Reference: Wicked Local (Aug. 29, 2019) “Five Reasons to Review Your Estate Plan“"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"More Reasons to Review Your Estate Plan","item":"https:\/\/www.amorusolaw.com\/blog\/more-reasons-to-review-your-estate-plan-new-york-ny-greenwich-ct\/#breadcrumbitem"}]}]