Estate plans often go catastrophically out of date—no longer in sync when a spouse passes away, a child gets divorced, or tax laws change. The recent SECURE Act has created special traps for existing Trusts. Does yours still make sense? If it’s collecting dust, probably not.
Even minor law and life changes–not to mention births, deaths, divorces, new businesses, or disabilities–can cause DANGEROUS TRAPS in your living trust for you or your loved ones. Just as you bring your car in for a tune up each year, you must make sure your estate plan is still valid and relevant.
In this webinar, we’ll talk about hidden traps in outdated Living Trusts, for example:
- Not putting all your assets into your Living Trust: Do you have all your real property, bank accounts, and investment accounts still titled in your Living Trust?
- The structure of your Living Trust fails: Does your Living Trust take into account current tax laws? If it doesn’t, your Living Trust could cost your heirs money!
- Not protecting your beneficiaries: A well-written Living Trust will consider the current or future financial and marital status of our loved ones—but ill-considered trusts may include hidden traps for those we want most to help.
- Not planning for your retirement accounts: Have you neglected to learn the complexities of passing retirement accounts to your loved ones? If so, you have likely set an especially dangerous trap for your loved ones.
- Estate planning has outlived its purpose: All estate planning must be reviewed as life changes.
- Getting the wrong estate planning attorney: Estate planning is an extremely complex topic. Not all attorneys can double as estate planning attorneys, and not all estate planning attorneys are created equal.
Learn about these hidden traps in outdated living trusts from Estate Planning and Trust Administration attorneys James L. Cunningham and Tasha Jahn in this legal webinar!