Some of life’s major transitions that will likely impact our planning include retirement, the sale of a business, divorce, the disability of an adult child, the loss of a business or life partner, and perhaps an inheritance. While some of these are negative and some are good, each one necessitates a thorough review of your entire financial situation—including your estate plan.
If you come into an inheritance, you should assess its impact. Research whether there are any financial or estate planning opportunities that might mitigate the cost or tax burden within the estate.
If your spouse has no estate plan, it may be a rather large headache. It can be exceptionally painful to suffer through an extended and possibly contested period of settling the estate. Even if your spouse had a plan, this transition may necessitate some revisions to your own plan or changes to your beneficiary designations.
When there's a divorce, the majority of the time is spent dealing with the financial settlement of marital assets, child custody, and any future division of earnings. However, a lot of divorce attorneys don't help you with the tax issues and other financial matters that come into play beyond the negotiation of the settlement agreement. You need to take a look at your entire financial picture.
Remember that transitions in general will mean a thorough examination of everything. We can help you with that. Give us a call to schedule your complimentary consultation of 'request a consultation' online.
Reference: Middletown Transcript (May 31, 2016) "Game-changing life transitions that need attention"