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When Is It Time for An Estate Planning Review?

ChangesMany folks take on estate and financial planning in a piecemeal manner. It's something they visit every now and then.

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"

 

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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.
  • Please continue to follow the directives of our local, state, and federal agencies. For your health and in consideration of our team who is assisting you, if you’ve scheduled an office appointment or planned to drop off paperwork and are experiencing a fever, dry cough, or shortness of breath, please contact your primary care doctor for guidance and then our office to reschedule.

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.