PEPR
The Law Office of Doron M. Tisser believes that your estate plan must be reviewed periodically in order to ensure that it remains accurate. An estate plan is only as good as your intentions at any given time and, unless your estate plan is reviewed, it will only reflect your wishes at the time it was signed.
There are likely to be more changes to your estate plan because of your family and circumstances than because of changes in the law. Unfortunately, we have been involved with too many trusts and estates in which a person has died and the family has incurred unnecessary expenses and taxes, as well as significant administration complexities, that could have been avoided had a review of the deceased’s estate plan been done prior to his or her death.
It is with the above in mind that we created the Protective Estate Plan Review (“PEPR”) program. PEPR is designed to benefit you and your family by making sure your estate plan is reviewed periodically and that it remains up-to-date after it is signed, and to avoid unnecessary expenses and allow for a timely update of your estate plan as a result of changes in the law and your personal life.
There are two categories of events which can require changes to your estate plan. The first involves changes in the law. These would include matters that affect the amount you can leave tax free to your family at your death, estate tax planning, techniques to minimize taxes relating to the inheritance of your IRA or retirement accounts, and tax planning techniques resulting from changes in the law. It would also include matters such as updating your Durable Power of Attorney for Health Care.
The second category would be personal matters such as:
-Changes to your trustees or guardians.
-Changes to your beneficiaries, adding gifts to grandchildren, or changing the ages at which beneficiaries will receive their inheritance.
-Amending your estate plan to protect your beneficiaries, so that they do not lose their inheritance to creditors (in lawsuits) or spouses (in divorces).
-A desire to do advanced estate tax planning.
-Births, deaths, marriages, divorces, disability, incapacity or changes in your health, or the health of a beneficiary or trustee.
-A change in your wealth, which could affect the distribution of your assets or your tax planning.
-You may be receiving an inheritance and want to know how that will affect your estate plan.
PEPR is designed to allow us to meet once every year; in this way, we can effectively advise you on how changes in your personal circumstances and changes in the law affect your estate plan. This would include a review of your finances, relationships, taxes, insurance and other important matters.
If you would like further information about PEPR, please contact us at info@tisserlaw.com.
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