Even the savviest business people have difficulty finding time in their busy schedules (much less the motivation) to appropriately update their legacy plan. However, events going on around you and the circumstances in your own life can have drastic effects on how well your plan is able to distribute your assets according to your wishes.

Here are 5 key areas you must consider to ensure your plan is exactly what you want:

1. Spending – As you get older and your needs change, so will your spending habits. A new parent is going to spend differently than those with adult children and businesspeople at the top of their game are going to spend differently than those enjoying their retirement. It is important to have your advisor help you quantify your spending, allowing you to see which areas are of vital importance to you and which expenditures may be cut back or eliminated altogether. This conversation should also include upcoming plans for large purchases, such as building a new home or taking your family on a much-deserved vacation. Discussing your spending patterns and any anticipated changes is a key step in guaranteeing that your estate plan is tuned to your needs, no matter what stage of life you are in.
2. Information Security – Large-scale attacks on personal data are becoming more frequent. From last year’s major data breach at Equifax to the hack that affected tens of millions of consumers, your identity is more at risk to be compromised today than ever before. Discussing these concerns with your estate planner provides the opportunity to put strategies in place to protect your information and mitigate damage should your identity be stolen.
3. Debt – Most Americans carry some form of debt, but not all debt is created equal. High-interest portions of the debt you carry can adversely affect how your assets are managed and leave a headache for your loved ones in the event of your passing. Taking the time to examine your debt portfolio with an estate planner will allow you to see where you may be at risk and what actions you can take in the short and long term to position yourself for success in the future.
4. Tax Changes – The new tax law, taking affect for the 2018 tax year, has a variety of implications on wealth management strategies. Everything from sources of income to home equity loans should be analyzed for how the new legislation impacts them. These new changes, and other future changes, can be a boon or a bust for your asset portfolio, but discussing them with an estate planner will allow you to protect your legacy in the best ways possible.
5. Children – Requirements for protecting your children will change as they grow. For example, minor children will likely need guardianship planning, funded trusts, and plans to pay for college tuition. On the other hand, adult children have vastly different needs and may even need estate planning for their own assets. Having an estate planner review your children’s needs is a key way to make sure that they are taken care of, even as they grow and you and your children’s life goals shift.

PROVIDENTIA LAW’s core values are based on building relationships, being flexible, and being visionary. With our expert estate planners, you don’t need to rely on an article to lead discussions on life changes, they are already built into the foundation of who we are. We are dedicated to creating customized plans that fit your unique family and are continuously revised, so they grow as you do. Learn more about how you can secure your legacy by emailing us at clientservices@prolawpc.com or by giving us a call at (408) 560-7010.