You have multiple advisors – Estate Planners, Accountants, Investment professionals – but often don’t know the right questions to ask. At Glassman Wealth, we love to educate and empower our clients. You should know that the people you’ve hired are making the right moves to protect and grow your wealth.
Here are some of the top 3 questions to ask an Estate Attorney this year:
1. As my kids get older, what estate planning changes should I make?
As your children get older, you may want to reconsider items such as the guardianship instructions in your will, the terms of any trust agreements (including at what age your children will come into any
money appropriated for them), and your retirement plan & insurance beneficiaries. Your estate planner may have other recommendations based on your family situation.
2. Have any Federal or state laws changed that would affect our plan?
Recent legal changes could impact your estate plan and may change the strategy you want to employ. For example, in 2015 Maryland increased its $1MM estate tax exemption and will gradually increase the amount to match the federal exemption by 2019. The federal limits have also changed over the years and have expanded to allow "portability," which permits the surviving spouse to potentially use the deceased spouse’s exemption amount. If your current estate plan involves the previous tax exemptions, you may want to revisit it and make sure it’s still appropriate.
3. Based on our current plan, can you map out who would receive what?
Especially for visual learners, seeing a diagram of the different action and steps that will be taken upon your death can be huge. When you have multiple trusts or a complicated family, having a visual aid will help make sure the actions taken coincide with your wishes.
If you'd like more information on how Glassman Wealth can provide insight into working with Estate Attorneys, see our article on essential strategies that may be missing from your estate plan.