It is important to revisit one’s estate planning periodically, as both circumstances and laws can change without notice. If you do not have an estate plan, it is time to create one. You probably have more assets than you think. First of all, estate planning is an opportunity to designate who will receive your assets upon death or incapacitation. It will also allow you to designate a guardian for your children. With the advice of counsel, your plan will manage assets to minimize estate
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taxes, gift taxes and any other tax issues. And most importantly, a good estate plan will avoid disagreements between heirs and probate which can be time consuming and expensive. Begin with an assessment of all your assets, including your home and other real estate, art, collections, vehicles, and jewelry. List your checking and savings accounts, investment accounts, life insurance policies, IRA or 401 accounts and ownership interests in any businesses. Estimate the value in order to divide among your heirs.
