Written by: Steven J. Fromm, J.D., LL.M. (Taxation)
The following situations should trigger the need to seek immediate legal help to review or revise the family's current estate and tax plan:
- Serious or life threatening illness
- Illness or death of a spouse
- Contemplation of divorce or marriage, especially second marriages
- Birth, death or illness of parent, sibling, child or grandchild, or business partner
- Disability of parent, sibling, child, grandchild, or a dependant or handicapped dependant that may require special considerations or a special needs trust
- Marriage or divorce of a child or grandchild or business partner
- New business venture and choosing the proper business entity considering legal, tax, practical and business considerations
- Business has grown (or declined) significantly in the last few years
- Personal net worth has grown (or declined) significantly in last few years.
- Adding or losing business partners
- Within 5 years of retirement
- Within 5 years on contemplating sale of business
This list is not meant to be all inclusive and are only some of the situations that may require revisions to an estate plan.
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