Law Offices of Connie Yi, PC - estate planning
Tell Us About Your Case

For the safety of our community, clients and staff, we have suspended all in-person meeting effective March 17, 2020. All consultation meetings will be via Phone or Zoom Video Conferencing. Please contact us at 925-484-0888 or email us directly at [email protected] to schedule the consultation.

Bay Area Estate And Tax Planning Law Firm
Estate Planning
Trust Administration and probate

Has your carefully drafted estate plan ever been updated?

| Jan 25, 2018 | Uncategorized |

If you’re a reflective and proactive person who once worked closely with an experienced attorney to craft a well-tailored estate plan, you might now reasonably pose this question to yourself: Have I ever taken a second look at my plan to ensure that it is still timely and responsive in all particulars?

The bottom line with key legal instruments relevant to estate planning is that the passage of time can — in fact, flatly does — alter their significance and applicability. One national financial website noting that suggests that a planner might benefit from a fresh look at key documents “every three years and/or after major life changes.”

It takes only a moment of due reflection to appreciate how dramatically things can change for individuals and families within a few short years. A once bulletproof estate plan can require material revision in the wake of seemingly countless changes occurring within a family, including these:

  • Divorce or related dislocation
  • Births and/or deaths
  • Emerging health care considerations
  • Retirement
  • Sale of a family business
  • Inheritance

On top of that, new laws are occasionally enacted that require a timely and thoughtful response from certain planning audiences.

A prime example of that, notes the above-cited publication MarketWatch, is the recent change ushered in by financial regulators that doubles the federal tax exemption for estates in California and across the country. Admittedly, the materially jacked-up amount of $22.4 million for a married couple does not apply to legions of wed partners. For those who are affected by it, though, a timely planning response can be a productive and profitable exercise.

Estate plans are like cars or homes, notes MarketWatch, in that they require periodic maintenance. A seasoned attorney with an integrated planning and tax background can help with updates and give a client peace of mind that a plan fully promotes current interests and those of future generations.

Archives

FindLaw Network

Recent Blog Post

Is estate planning necessary for young people?

Misconceptions exist about the relationship between age and estate planning. Yes, older people may prioritize estate planning for reasons related to advancing age and health concerns. That does not mean only older California residents benefit from the process. Young...

What are the responsibilities of a fiduciary?

Residents of California may want to learn more about the role of the fiduciary and their responsibilities. Because fiduciary duty may be a requirement among certain professions, clients and professionals should know more about what this is. The meaning of fiduciary...

5 factors to consider when choosing a guardian

For parents, one of the biggest reasons they decide to create an estate plan is to ensure their child will be cared for no matter what. It isn’t easy to think about a tragedy where a child may lose both their parents before they turn 18, but parents have to plan for...

View More Blog Posts