Things Always Change–Are You Ready?
"If you don’t like the road you’re walking, start paving another one."
- Dolly Parton
As I write this on Monday morning, we’re all pretty distracted by the news of the capture and death of Osama bin Laden. It’s a bipartisan moment of gratification — even if it does mean celebrating the death of another human being. In this case, the world may actually be a better place right now.
But, in general, the world seems to be flying by at breakneck pace these days, doesn’t it? And, it can almost cause vertigo for those who are seeking to settle on a functioning financial and succession plan for their assets.
So, I ask you now: have you prepared for the changes to come for your family? I’m referring here to a plan for your estate. Of course, this is what we do around here, but there are some important things which you (or your friends) should know about as you consider finally getting this done.
You see, if you’ve already put one together with our firm, you know that we’ve got a procedure in place for handling changes and will be consistently monitoring your plan to ensure that shifting legal or tax codes won’t negatively affect your wishes.
But if you HAVEN’T put together your plan just yet, I have some thoughts for you, which are pretty important — but rarely discussed…
Rowel Manasan’s
"Straight Talk" Personal Strategy
Estate Plan Changes for 2011 and Beyond
This is something which I’m seeing more and more in 2011, and it’s a big mistake: lawyers and families not ensuring there is a plan in place for regular communication as the laws and tax code change. And, as we’ve seen this year … that’s inevitable.
There are, obviously, a few issues in play here:
1) Some lawyers don’t have a "team" in place to serve the needs of families.
This creates a "less than ideal" circumstance for a family who wants active management, as things inevitably slip through the cracks.
These solo lawyers have to spend so much time working "in" their practice, that they don’t have the time (or often, inclination) to make sure assets are owned properly (which means your plan will fail!) or that they’re up to date on the changes which come through every year. This leaves new opportunities untouched, or worse…it can create plans which work for 2010…but not for 2011 (or 2020).
And then what happens if your lawyer retires or dies?
2) What happens when things change in the life of your family?
Unfortunately, even when there IS a team approach in place, there is no previously-agreed-upon plan for communication when the laws inevitably change, or when family dynamics also become different.
Make sure that your lawyer will notify you when, in fact, there are changes to the tax or legal code, and that they keep in regular communication with you otherwise.
3) Does the planning fee include a regular review of your plan?
If not, then you’ll be faced with having to initiate reviews yourself, and having to pay additional fees for the privilege, at that.
In fact, the optimum scenario is when a lawyer will provide you with some sort of "estate planning maintenance" program, or membership group for ongoing service–which saves you money and gives you peace-of-mind over the course of your family’s life together.
To You and Your Family’s Peace of Mind!
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