Your last will needs regular review throughout your lifetime. If you have strong opinions about what procedures you do and do not want, the Health Care POA can document your wishes. Marriage does not automatically authorize your spouse to speak with doctors, obtain medical records or make medical decisions on your behalf. Health Care Power of Attorney needs to be updated as well. If you need to make a change, it’s very important that you put it in writing and notify the proper parties. If you have one, make sure it’s up to date and the person you named is still the person you want. If the POA is old, a bank or investment company may balk at allowing your representative to act on your behalf. However, there are other means of protecting your heirs and retirement accounts.ĭo you have a Power of Attorney? A POA gives a person you authorize the ability to manage your financial, business, personal and legal affairs, if you become incapacitated. A strategy that worked great a few years ago no longer works. One big example is the SECURE Act, which eliminated the Stretch IRA, requiring heirs to empty inherited IRA accounts in ten years, instead of over their lifetimes. The last five years have seen an inordinate number of changes to laws that impact retirement accounts and taxes. You’ll also want to update your address, and make sure that family and advisors know where your last will can be found in your new home.Ĭhanges in the law. Moving to a new state? Estate laws are different from state to state, so what works in one state may not be considered valid in another. Reviewing an estate plan is a relatively straightforward matter and neglecting it could lead to undoing strategic tax plans and unnecessary costs. However, this is an important thing to take care of, advises a recent article from Kiplinger titled “2021 Estate Planning Checkup: Is Your Estate Plan Up to Date?Įvery four years, or every time a trigger event occurs-birth, death, marriage, divorce, relocation-the estate plan needs to be reviewed. It’s not the thing a new parent wants to think about while cuddling a newborn, or a grandparent wants to think about as they prepare for a family get-together. We know why estate planning for your assets, family and legacy falls through the cracks.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |