Estate Planning: Don’t Just Set It And Forget It

Just because there’s an estate plan in place, it doesn’t mean things can’t change.

A story in the Christian Science Monitor recalled how the writer’s friend didn’t take advantage of every angle and paid more in taxes than he had to.

In this case, the friend’s father had an estate plan, a will, a living will and a power of attorney.

Although the friend and his family reviewed the documents before his death, they didn’t ask that any changes be made.

After the father’s death, the family learned they were responsible for thousands of dollars in income taxes.

It turns out money had been put into an annuity, but the family had failed to safeguard the investment from the worst possible tax consequences.

The writer had counseled his friend before the father’s death about a way that the tax consequences could have been reduced but nothing was done. It cost the family more than $10,000.

The moral of the story is to revisit your estate plans every five years – more frequently if circumstances change.

If you have questions about estate planning, feel free to call us for a consultation at (626) 696-3145.


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