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Home » Estate Planning » When Should I Revisit My Estate Plan?

When Should I Revisit My Estate Plan?

March 27, 2018Estate Planning

Los Angeles estate planning attorneys Out of the millions of Americans who die every year, there are far too many who have not prepared for that eventuality by creating an estate plan. For those that have taken this important step in planning for their family’s future, they often ask when they need to revise their estate plans. Let our Los Angeles estate planning attorneys give you their recommendations.

The essential estate planning tools

A will and a living trust are often considered to be the two most essential tools to include in your estate plan. They can both be used to transfer assets, but they both have their own unique purposes and benefits. For instance, wills can be used to designate a guardian for your minor children, but a living trust cannot serve that purpose. On the other hand, a living trust has advantages you can enjoy while you are still alive, unlike a will. Regardless of the goals or benefits, there are still situations where you may need to update a will or living trust. In fact, you should review your estate plan, at the very least, every five years. However, there are certain situations that require a review, regardless of the timing.

When estate planning law changes

It is always important to review your estate plan whenever applicable laws change. For example, in 2017, you could transfer up to $5.49 million in assets tax-free during your life or upon your death. However, under the new Tax Cut and Jobs Act, the estate tax exclusion amount for 2018 will increase to $10,000,000, not including the necessary inflation adjustment. So, if you do not revise your will to take into consideration this new law or any others, then your estate plan may not express your real intent in leaving your property to your family.

Significant changes in income or assets

Whether it is a great investment return or a very profitable business, you may find yourself on the receiving end of a substantial amount of income or increase in assets. With the assistance of your Los Angeles estate planning attorneys, you can transfer some of your assets before they increase in value in order to avoid the tax consequences of appreciation value.

There are also issues to consider if you experience a financial setback. There are various strategies that can be used in order to make the most of your estate, while still making sure that your family will be taken care of in the way you intend.

Changes in relationships

Our Los Angeles estate planning attorneys always recommend that, if you get married, divorced or separated, the worst thing to do is procrastinate about modifying your estate plan.  The need to review and modify your estate planning tools applies not only to your will or living trust but also to any assets that would potentially transfer by some other method, like retirement accounts, life insurance, and savings bonds. Also, be sure to consider joint bank accounts and real estate.

Becoming a parent or grandparent

Although for some clients, becoming a parent is the first time they consider creating an estate plan. But if you already have a plan when your first child comes along, or if you are expecting your first grandchild, you should review your plan with your Los Angeles estate planning attorneys to see what changes need to be made. For new parents, the most important concern is naming a guardian for your children, in case they are still minors when both parents have passed away. Regardless of whether you are a parent or grandparent, it is crucial that your estate plan includes your new family member.

The death of a spouse

Most life-altering events result in the need to review your estate plan. Losing a spouse is one of these terrible events that will signal the need to review your plan with your Los Angeles estate planning attorneys. Married couples can give a gift of an unlimited amount to their spouse.  The value of the property gifted to the surviving spouse is deducted from the deceased spouse’s estate. If all assets go to the surviving spouse, then no estate taxes are imposed based on the “marital deduction.” A married couple can ultimately protect twice as much in assets from federal estate and gift taxes.

Join us for a free seminar today! If you have questions regarding estate planning, trust contests, or any other trust administration issues, please contact the Schomer Law Group either online or by calling us in Los Angeles at (310) 337-7696, and in Orange County at (562) 346-3209.

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Scott Schomer, Estate Planning Attorney
Scott Schomer, Estate Planning Attorney
A graduate of Boston University School of Law, Scott P. Schomer is a frequent lecturer on estate planning and elder law issues, having discussed these important issues on local and national television. A seasoned courtroom advocate, Scott has obtained combined judgments and verdicts in excess of twenty-five million dollars for his clients. Scott has served as a member of the Los Angeles Superior Court Probate Volunteer Panel (PVP Attorney), Probate Settlement Panel and a Judge Pro Tempore. Scott's expertise has been recognized by his peers with such accolades as a life-time membership in the Multi-Million Dollar Advocates Forum, the Five Star Wealth Manager designation, and repeated nominations as California Super Lawyer.
Scott Schomer, Estate Planning Attorney
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We need to update our Living Trust and attended Schomer Law Group’s seminar. Afterwards we made an appointment and were impressed by the attention Scott Schomer and Liran Aliav gave to our case answering all questions and making suggestions how to minimize the estate tax. All the office staff is very friendly and we highly recommend Schomer Law Group.

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We put off getting a trust for years. After attending a seminar with Scott Schomer we realized that the time had come to get a trust. We were given very good reasons for why we should get a trust. No pressure, just the plain facts. We are very relieved and happy to finally get our trust. Scott and Cesar were very knowledgeable, helpful and listened to our ideas of what we had to say. Any questions that we have now and in the future they are available to assist us to solve them. I recommend the Schomer Law Group and I wish we knew about them years ago.

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When you’re presented with an invitation to attend in a mailer, you may have reservations, this was a truly gift!! My wife and I were educated and guided through the process of creating a family trust.
Both of our parents had attorney’s that “worked” with wills/trusts, but came up short. Fortunately, the Schomer Law Group was there! This is a group of attorney’s that only specialize in estate planning, law, and financial advice, so you know you’re getting expert and personalized advice. This is the best money we’ve ever spent!! Thank you!

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We knew we had to update our 10 year old ( 20 page ) trust. After several detailed meetings, Liran and Cesar produced a large ( 300 pages + ) highly detailed trust document that we have used to make sure our family estate is well managed and clearly understood.
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We had contemplated updating our will and starting a trust for a number of years. After attending a talk by Scott Schomer we realized we were long overdue and the potential downside of not having our affairs in order was significant. Scott and his excellent team made the process simple and seamless. They were great listeners, addressed all our concerns and even pulled and processed all the paperwork from our financial institutions. If you are looking for assistance with estate planning, wills and trusts, we highly recommend Schomer Law Group.

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