Considering the constantly changing nature of Minnesota and federal tax laws, it could be time to revisit your estate plan. In fact, even in the absence of major overhauls, such as the new tax bill that is going into effect, it may be a good idea to adopt a regular schedule for the review and revision of your plans for the future.
At Dunlap & Seeger, P.A., we always attempt to keep our clients abreast of the changes that could affect their wills, trusts and other estate planning tools. However, there are some times when it could benefit you to reach out first. After all, tax laws are not the only things that could affect your estate. Here are a few examples.
One of the most common life changes that could affect your estate plan is marriage. A marriage in the family could redefine the legal relationships of many parties, such as parents, children from former marriages and spouses. Understanding the way these relationships work when it comes to inheritance and other legal rights is important when selecting the new terms of wills, reorganizing trusts or establishing new tools to preserve the futures of various parties.
Similarly, the birth of the child may also be a good time to revisit or establish certain estate planning strategies. It is usually not enough to assume that the inheritance laws in Minnesota automatically align with your interests and hopes for your children's futures.
There is no single estate plan that works for everybody, and your old plan may not work for your current situation. We typically recommend to our clients that they revisit their plans regularly, after major regulatory changes and around the time of major life events. Please read more about this topic and others on our main website.