It’sEstate Planning Week across the nation. President of the Estate PlanningCouncil of Birmingham, Gerard Kassouf, explained, “Estate planning isimportant to every person. Proper planning includes determining how assets willbe distributed, and how debt will be paid. Other decisions such as the namingof a guardian and conservator for minor children, or providing for elderlyparents, are part of the estate planning process. Furthermore, if substantialnet worth is involved, then the planning necessarily must deal with the federalestate tax and the federal and state income tax laws. New tax laws provideanother reason to review documents in place or to have documents prepared ifnone exist.”
Ifyou have not updated your will in the last two years then it is time to getwith your advisor and update it. A few things you should consider are new lawson estate taxes, beneficiary designation forms, Power of Attorney agreements, and trust creation.
See Stewart Welch Tax Law Changes Drive Need To Review Estate Planning, AL.Com, Oct. 10, 2013.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
