The New Year is a Great Time to Review Your Estate Plan.

The Elder Advisors Law team would like to add one more item to your New Year’s resolutions list—reviewing your estate plan.

Why is it so important to keep your plan up to date? In a word, change. As you grow older, your needs inevitably change. So, too, does your health, your income, the value of your assets, and your overall financial situation. The needs of the people you love change as well. Your children may get divorced and remarry or begin their own families. Sadly, a loved one might suffer a financial setback and accrue significant debt, fall under the influence of a person you don’t trust, or even develop a dependency on alcohol or drugs.

In addition, Wisconsin law itself, the financial landscape, the tax codes, and more are constantly changing. New or amended laws may make certain asset protection strategies and tools less effective while simultaneously creating new opportunities for wealth preservation and growth.

While it is important to review your plan every year, if you or your loved ones experienced significant changes over the last year, it is crucial to have your plan reviewed as soon as possible.

As you reflect upon last year’s changes and look forward to the new year, we hope you also consider their implications for your estate plan. As always, we are here to assist you.