One thing that estate planning attorneys cannot mention enough is that you are not done estate planning when you walk out of our offices with your newly signed estate plan documents. You are also not done estate planning when you do the things we tell you to do, such as funding a Trust. You are never done with estate planning. It is something that you will need to do over and over again throughout your life. Your life changes and your estate plan needs to change with your life.
I mention this because of a recent study by Rothstein Kass. They found that 75% of the extremely wealthy have not updated their estate plans in over three years despite the fact that 95% of those who did not update their estate plans had significant changes in their lives between the time they received the estate plan and the time of the study.
When your life changes update your estate plan. Getting married? Update your estate plan. Having children? Update your estate plan. Getting Divorced? Update your estate plan. Retiring to Florida? Update your estate plan. Buying a second home? Update your estate plan.
It cannot be said often enough.
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- Medicaid Spousal Impoverishment Rules - July 7, 2015