Why Is It Important To Update Your Estate Plan?
At The Guterman Tax Law Firm, we focus on a broad range of estate planning areas, including wills, trusts, gift transfers, trust administration, and probate. Aspirations and ideas for wealth transfer and succession are diverse; the most effective estate plans take this into account.
Our Los Angeles firm believes this is where the one-size-fits-all approach of online form documents and patterned estate plans fail. To achieve a customized estate plan, our firm takes the time to understand your family situation and goals. Our knowledge of both California and federal tax laws can help you protect your interests and the financial well-being of your family for the years to come. Through a consultation with our firm, you can determine whether you should revise your estate plan.
Life Changes That Require Updates To Keep Your Estate Plan Current
If you experience a change in your family life, we recommend updating your estate plan. Situations that may merit an update include:
- Your spouse’s death
- The birth of a child or grandchild
- Marriage, divorce and remarriage
- Health concerns for yourself, your spouse and your children
- Wealth accumulation
You should also consider revising your estate plan when your children become adults or when changes in tax laws affect transferring your wealth in the future.
Combined Tax Disciplines Can Assist In Transferring Wealth
Our collaborative approach will help you reach your wealth transfer goals. For example, Mr. Guterman met with a client and his father’s estate planning attorney. Through working with the father’s attorney to analyze specific tax issues of his own client, Mr. Guterman provided a straightforward approach that saved the client income taxes and his father estate taxes in the millions.
Update Your Documents With Our Experienced Estate Planning Attorney
Whether you need to develop an estate plan that fits your needs or update your documents to reflect changes in your life, we can help. Contact us online or call our Los Angeles office at 310-551-1400 and schedule a consultation today.