“There are two widespread errors in estate planning. One error is not to have a will or other key elements of a plan. The other error is to fail to update the will and estate plan. This article isn’t for those who still haven’t established at least a basic estate plan. But if you have an estate plan, your work isn’t done. Estate plans need to be reviewed and revised from time to time.”
The time to revise an estate plan varies. If your estate plan is three or more years old, you and your estate planner should review it. Of course, if there’s a change in the tax law or other laws that govern your estate (such as powers of attorney or advance medical directives) it’s time to have the plan reviewed.
In addition, an estate plan should be reviewed when specific events occur in your life. These events or changes in circumstances often create a need to update the plan. Here’s my list of the most likely events that should cause you to contact your estate planner.”
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Estate Planning Practice
Estate planning is concerned with the use, conservation and disposition of a person’s property and wealth. The Marsalese Law Group offers expert advice in the areas of estate planning and trust administration. Our estate planning experience is sought by closely held businesses, families and individuals. Entrepreneurs frequently retain our services to coordinate personal, business and estate planning and deal with financial issues in ways that benefit both the family and the business.
The Marsalese Law Group has an active and sophisticated trusts and estates expertise in the handling of all types of estate planning matters, with emphasis on last wills and testaments, revocable and irrevocable trusts, life insurance trusts, special needs trusts, qualified personal residence trusts, family limited partnerships, durable powers of attorney, advance medical directives, and other related estate planning documents.
The Marsalese Law Group also advises clients on other common planning matters include lifetime gift programs, charitable split interest trusts, off-shore trusts, private foundations, grantor retained annuity trusts, generation-skipping transfer tax planning, and life insurance planning, including irrevocable life insurance trusts and split dollar arrangements.
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