In general people should review their estate plan when major life events happen (divorce, marriage, births), assets change drastically, or laws change drastically. Here are three reasons why NOW is more important than ever to review your estate plan with a qualified estate planning attorney.
1) NOBODY knows what the tax laws are going to be next year. It is very likely that the estate and gift tax exemption will be reduced drastically. It could be a use it or lose it time THIS YEAR. If you have a large estate gifting large amounts of money, into trusts or LLCs that you control, could be critical and could save hundreds of thousands of dollars.
2) There are a lot of trust mill trusts out there that are poorly done. Assets aren’t in trust, the documents are one size fits all, and in general they are incomplete plans. Get those plans reviewed by a CERTIFIED SPECIALIST!
3) Asset values have changed drastically in recent years. Your home was worth twice as much five years ago as it is today. That could change your estate plan. Have it reviewed to make sure the math still works!