Make Estate Planning Your New Year’s Resolution


New Year’s Resolutions – just about everybody sets them but not everyone reaches their goal.   The key to setting any resolution or goal is to make it specific and attainable.  This year, we want to remind you of the importance of keeping your estate plan up to date.

Estate planning goals can change over time and for many reasons:

1. Marriage or divorce;

2. Birth or adoption of a child;

3. Death or disability of a child;

4. Birth or death of a grandchild;

5. Marriage of a child;

6. Divorce of a child;

7. Death of a spouse;

8. Increase or decrease in personal wealth;

9. Receipt of substantial inheritance or gift;

10. Sale or purchase of real estate or of a business; or

11. Changes in state and federal laws.

It is important that your estate planning goals are reflected in your current documents, and that you take advantage of federal and state tax laws, which may offer opportunities for significant tax savings to you through proper planning.  Any significant change in your net worth or changes in your assets due to the purchase or sale of a business or real estate may require some insightful tax planning.

If you have an estate plan in effect, you have likely invested a significant amount of time, energy and emotion into your estate plan. Therefore, it is important to make sure your plan continues to reflect your goals.  Remember that you are the most important individual involved in your estate planning.   Estate planning professionals are available to assist you in this process and to help you develop the most efficient and manageable estate plan possible.  The advice of a competent estate planning attorney is essential in obtaining the best possible results from your planning and hard earned wealth.  Proper planning requires the involvement and thoroughness of estate planning attorneys and other advisors to look out for the well being of the client and the client’s family.

It is recommended that you have your estate plan reviewed at least once every three years and sooner if there has been a significant change in your life. With the start of this New Year, an item on your to do list should be to review and, if necessary, update your estate plan to make sure it continues to meet your goals.

We invite you to consider investing a small amount of your time in your own estate planning.  Estate planning is an invaluable tool that provides increased financial security and peace of mind for yourself and your loved ones.  Make 2015 the year you get your estate planning in order.

Call us today to schedule an appointment to review your estate planning documents.

JensenBayles, LLP provides a broad spectrum of legal services.  Thomas J. Bayles has been actively providing advice in the areas of trusts, wills, probate and tax planning in the St. George market for over 18 years. Please visit our web site www.jensenbayles.com or call 435-674-9718 and ask for Thomas J. Bayles or Phillip G. Gubler. The information in this article is for educational purposes only and is not intended to be construed as legal advice.