[Updating is less of a problem for our clients who participate in our Client Maintenance Program.]
Below article lists many reasons for updating — some get press, others seem mundane:
For example since August, the estate-planning world has been abuzz about the Treasury Department’s proposed regulations under Internal Revenue Code Section 2704. For some families, the implications of the regulations’ limits on the discounts available in valuing family businesses could be significant. But even the most well-informed clients likely need in-depth discussion to understand how the regulations might affect them, much less what they might do about it.And now we have the election results with the possibility of an estate tax repeal under President-elect Trump. Whatever the eventual legislative outcome, it will likely impact many individuals’ estate plans. But how many clients will realize they need an update, much less follow through and get it done?These are definite, broad examples of developments that can trigger the need for an updated estate plan. We need to remember that it’s usually the ordinary, gradual developments within a family that necessitate an update. Children and grandchildren are born and grow up. Couples marry and divorce. Parents age. Relationships and philanthropic concerns change.We know all of these events can render an existing estate plan out of date.Nevertheless, we struggle to ensure estate plans remain appropriate, largely because the primary burden is usually placed on the client who’s usually already overwhelmed by the task of establishing an estate plan in the first place.
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