Things Change, So What?
The future depends on what we do in the present.
- Mahatma Gandhi
What shocking pictures we all woke up to Monday, from Joplin, Missouri. I have NEVER personally seen anything like that from a storm.
And it’s just another reason to remember that we aren’t in the ultimate control over our lives.
Things change–in an INSTANT. Sometimes, for the better … but that isn’t always the case, is it?
We’ve watched the tax code change pretty significantly over the past 12 months, the political environment … truly, it can give you vertigo! So, forgive me if I ask you this simple question: what happens to your estate plan when things change?
Well, 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, here are some things to ask when you consider getting it done…
Rowel Manasan’s
"Straight Talk" Personal Strategy
More Questions To Ask Any Estate-Planning Lawyer
This is a problem which many families and lawyers overlook: Not ensuring there is a plan in place for regular communication as the laws and tax code change.
And there’s actually multiple problems I’ve seen here. So here are some questions to ask any lawyer who you consider when putting together an estate plan:
1) "Do you have a team in place to handle my needs?"
Otherwise, this creates a less than ideal circumstance for a family who wants active management, as things inevitably slip through the cracks (certain matters develop or items are thought of later, etc.).
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 2011 … but not for 2021.
And then what happens if your lawyer retires or passes away?
2) "What happens when things change in the life of my family?"
Unfortunately, even when there IS a team approach in place, often 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 appropriately when, in fact, there are changes to the tax or legal code that potentially impact you, 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 retainer program for ongoing service–which saves you money and gives you peace-of-mind over the course of your family’s life together.
I hope these help!
To You and Your Family’s Peace of Mind!
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