Important Information for Clients

Updated January 2024

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It is the primary responsibility of all clients to personally monitor their unique estate planning objectives and any changes to their personal or financial affairs which may affect their estate plan documents. It is recommended all clients have their estate plan reviewed on a periodic basis and have their documents updated accordingly.

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Three (3) Year Review: It is recommended you have estate plan documents (and named beneficiaries for all assets) reviewed at least every three (3) years. In the event you have experienced changes in your family, personal objectives or financial affairs you are encouraged to contact my office for a review of your current estate plan documents.

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Trust Update 2024: The federal tax laws have changed numerous times over the past several years, especially the estate tax and gift tax provisions. In addition, the Trust Laws in Missouri were recently revised. As such, it is recommended all clients who have a trust as part of their estate plan contact my office for a full review and to discuss any changes in distribution objectives.

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Married Coupples - Conversion of Separate Revocable Living Trust Plan to Joint Revocable Living Trust Plan: Many married couples who planned their estate prior to 2010 utilizing Revocable Living Trusts had separate trusts created to take advantage of the then current estate tax exemption laws. Currently (2024), the estate tax exemption is $13,610,000 per individual and as a result many such married couples may not need separate trusts (from a tax planning standpoint) if their total gross estate is less than the current estate tax exemption. There may be other non-tax planning reasons for continuing with a separate trust plan, but all married couples with a separate trust plan may wish to have their unique estate planning objectives reviewed and learn if a Joint Revocable Living Trust Plan may be more advantageous.

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HIPAA Update: The Federal Health Insurance Portability and Accountability Act (HIPAA) sets forth strict rules and provisions relating to the disclosure of health insurance information and the ability of individuals to review the medical files of their loved ones. There may be a need to update your Durable Power of Attorney for Health Care Decisions to incorporate new provisions which address such matter in detail.