If you are like me and like many friends and colleagues you’ve been all geared up and getting ready to get back to school. Whether you have your own children in school or grandchildren or nieces and nephews or you are sending kids off to college, it feels like September is really the time when the year begins. This serves as a reminder that summer ends all too quickly and it feels like another year has gone by and things can change quickly and life just happens.

Preparing for change is a big part of what we do and planning for life’s unexpected events that just happen. We could spend our days worrying about what’s in store for us around the corner or we can take time to plan in the event of a health issue or an unexpected passing of a family member so that our wishes are followed and things are handled the way we want. Just like we send off our kids to school and prepare them to navigate the unexpected challenges of life, we are here to help you do the same with your estate plan.

So it’s time to get back to your estate plan and if you have a few moments to reflect on protecting what’s important to you then please call our office and schedule a meeting to update your estate plan, there’s no better time than now. Below are a few things to consider and reasons that you might want to give us a call and schedule a meeting.

Here are just a few reasons to update update your estate plan:

1. Tax Law Changes: There may be potential changes in federal and state tax laws, including estate and gift tax exemptions. The current federal estate tax exemption is set to sunset in 2026, reverting to lower levels unless Congress acts. Updating estate plans can help account for the impact of these changes.
2. Digital Assets: With the increasing importance of digital assets (e.g., cryptocurrencies, online accounts, NFTs), ensuring these are properly managed and included in estate plans is vital. Laws surrounding digital asset inheritance are still evolving, making it essential to include them in the plan.
3. Health Care Directives: Advances in healthcare and technology necessitate regular updates to health care directives. It’s important to ensure that your wishes regarding end-of-life care and medical treatment align with current laws and personal circumstances.
4. Powers of Attorney: It’s important to have a power of attorney in place not only for yourself and other family members but also children over the age of 18 need to have this in case they are away at school and need you to act on their behalf.
5. Life Changes: Life events such as marriages, divorces, births, and deaths can significantly affect estate planning. Changes in family structure might require updating beneficiary designations, guardianships, and trusts.
6. Asset Protection: As lawsuits and creditor claims become more common, asset protection strategies within estate plans are increasingly important. This can include setting up trusts or other vehicles to protect assets from potential claims.
7. Retirement Accounts: Changes to rules surrounding retirement accounts, such as required minimum distributions (RMDs) and beneficiary designations, could impact estate plans. With potential legislative changes, it’s important to review how retirement assets are handled in estate planning.
8. International Concerns: For individuals with assets or beneficiaries in different countries, cross-border estate planning is essential due to varying tax laws and regulations. Updating plans to address these complexities is increasingly important as globalization continues to rise.

Please feel free to reach out to Attorneys Robert Arone or Julia Abbott with any of your estate planning needs and questions.