Life Events Provide An Opportunity To Review Planning
It is always a good idea to review the various aspects of your family's financial plan, including your estate plan, on a regular basis. I know that this is often easier said than done. In addition, it is usually a good idea to consult your accountant, financial advisor and attorney before making major life decisons, such as getting married, adopting a child (or on the birth of a child) or getting divorced. Here is a fairly comprehensive list of life events that warrant such a review, courtesy of tax lawyer Charles Rubin:
- Birth of a child or grandchild;
- Marriage of self or heir;
- Divorce;
- Death of a spouse or child;
- Major change in the tax laws;
- Major change in financial circumstances, such as a substantial inheritance;
- Change of domicile to a new state or country;
- Acquisition of out-of-state or out-of-country property;
- Major illness;
- Acquisition or sale of a business or real estate, including major liquidity events;
- Major charitable gifting;
- Acquisition of life insurance or significant annuity policies;
- Significant gifting to friends or family members;
- Or in the absence of any of the above, the passage of 4-5 years since the last review.
