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Outdated Estate Plans Could Cost Beneficiaries Millions

FlyingMaintaining up-to-date estate plans is crucial to taking advantage of the benefits of advanced planning …

While you are living, essentially your estate plan is living too.  And just as your life is evolving, your estate plan should change accordingly.

Unfortunately, Congress and the White House are constantly shifting. As a result, your estate plan must adapt, improvise and overcome. For wealthy families in particular, many of their estate plans are simply out of date, and that’s not something you can afford to let slide.

According to a Private Wealth article titled, “Estate Plans Of Rich Families Out Of Date, Survey Says,” and a study conducted by Rothstein Krass, “More than three quarters of the estate plans of the ultra-wealthy clients studied were at least three years old despite the fact that nearly 95% of them have experienced significant life changes since the estate plans were drawn up.” However you spin that finding, it’s a sad state of affairs for many families, and your family need not become part of that sad statistic.

Simply put, if your life (or the lives of your loved ones) changes, for better or worse, you need to adjust your estate planning accordingly. The past few years have been devastating to families building wealth between generations and to families working hard to build wealth in this generation. As a result, just about every family needs to make some adjustments in its estate planning.

Maybe now is a good time to schedule a review with your estate planning attorney.

You can learn more about estate planning and elder law issues on our website. Be sure to sign up for our complimentary e-newsletter to stay abreast of issues like these that could affect you, your loved ones and your estate planning.

Reference: Private Wealth (September 25, 2012) “Estate Plans Of Rich Families Out Of Date, Survey Says

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We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
  • We launched the rollout of our on-demand webinar early so that new clients and our allied professionals can view the important component parts of ‘an estate plan that works’ at their convenience.  That is available on our website.
  • Live video workshops will be produced as quickly as possible and certainly ahead of our previous schedule; we will keep you posted as these events become available. Given the ‘boutique’ nature of the firm, we rarely have more than ten people in our office including team members at any one time. During this period of ‘social distancing,’ we promise to have no more than 8 people at any time.   This allows us to comply with the Governor’s directive to limit in-person gatherings.
  • The best way to communicate with us is still by phone during regular office hours of 8:30 to 5:00, Monday through Friday, or, you can email any of our team members (that is, their first name followed by @zarembalaw.com).  We will respond to these emails as quickly as possible.
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Thank you, Walt and the Zaremba Team

Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.