Life Is Fluid: Is Your Estate Plan Keeping Up?

Law Blog

A full and comprehensive plan to deal with your affairs when you die is important, but this should not be thought of as one of those one and done things. When your life undergoes a change, you might need to adjust your estate plan too. Read on to learn about some milestones that might trigger a review of your will, trusts, deeds, and more.

As your family grows and changes

Not only can you gain and lose family members over time, but the way you feel about them can change. If your plans address particular family members by name then you will want add provisions for new children and perhaps rethink the way your estate is divided up between family members. For example, you may no longer want your daughter's ex-husband to get your prized rod and reel now that they are divorced, but that is what might happen if you fail to make a change.

It may also be helpful to take a fresh look at how your priorities have changed as people grow older. For example, that cute grandchild may now be approaching the college years, and making a provision to help with the child's education might be more important to you now. Consider also how your favorite charities might have passed from favor and what causes you are more interested in now that some time has passed since your last update.

As you relocate

It's important to understand that estate plans and probate are driven by state laws, so the plan that was appropriate for New Jersey might not work in California. Additionally, a good estate plan takes full advantage of tax laws, and you might be dealing with a different tax situation in your new state. See a local attorney for state-specific advice about your estate plan.

The IRS makes changes

Another tax issue to keep on top of is tax law changes and how it can affect your estate plan. You might be leaving your loved ones to deal with an unexpected tax burden due to a change in taxation if you fail to make an update.

As you buy and sell property

Whenever you sell or buy a piece of property your plans should be updated to deal with the changes. A complete and smart probate-avoiding measure is to modify a real estate deed so that the property can pass into another person's hands without it having to be probated. Those deeds will need to be adjusted to reflect the new property. Additional property purchases, such as that lakefront cabin, should be addressed with your estate plan.

See an estate attorney and visit sites like to learn more.


18 June 2018

Legal Issues in Flipping Property

People with an eye for property can make a great deal of money buying a house, fixing it up and then selling it for a profit. However, there are many legal issues involved in this kind of pursuit. I am an attorney with experience in real estate, and I have helped many clients learn the legal details involved in flipping property. This blog will help you understand what you need to know when you are buying and selling a home as well as information about paying taxes on money made and property owned. Flipping houses can be a very profitable activity as long as you know how to do it legally.