Bay Area Estate And Tax Planning Law Firm

Spotlighting “triggers” that can inspire estate planning, creation

On Behalf of | Mar 16, 2020 | Uncategorized |

It’s akin to the two sides of a coin.

On the one hand, turning toward necessary planning regarding an individual or family estate “may feel daunting, time-consuming and/or expensive.”

On the other hand, though, foregoing proactivity and simply giving in to inaction “can be detrimental financially and add stress to the situation.”

Where is the fine line between passivity and taking charge? What type of events and circumstances typically transform an individual from being stuck in neutral to becoming an active estate planner?

An assessment of those factors will of course differ from case to case. Notwithstanding the variance, though, one inside industry commentator writing for Forbes notes that a thrust toward take-charge planning will generally occur when one or more commonly occurring “triggers” make a proactive response imperative.

Triggers — that is, material life events — will optimally mandate a timely and appropriate response. They run a wide gamut of possibilities, including the following:

  • Marriage (a will certainly becomes a front-and-center consideration in the wake of this seminal event)
  • Family member’s birth (issues ranging from guardianship to life insurance can loom immediately large following this occasion)
  • Family business developments (e.g., start-up or sale)
  • Significant tax changes (implications for trusts, gifting and more)

Due consideration of these and additional planning catalysts (divorce, death, material shift in assets and more) logically impels many individuals and families to forge a meaningful legal response.

Doing so can be greatly promoted through timely communication with a proven estate planning attorney. Experienced legal counsel can provide on-point and tailored input concerning key planning matters and help to ensure that all important matters are periodically reviewed and updated when necessary.