Note: This page is dedicated to current clients and will be revised on a periodic basis with information relating to recommended updates to estate plans which have been drafted by my office.
It is the responsibility of all clients to monitor their unique estate planning objectives and any changes to their personal or financial affairs which may affect their estate plan.
Please contact my office if you have any questions about these recommended updates or your current estate plan documents.
Five Year Review: It is strongly recommended you review your estate plan at least every five (5) years and contact my office for a review of changes in your personal and financial affairs and a review of changes relating to estate planning laws and tax laws.
Trust Update 2019: 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.
Married Couples: Conversion of Separate Revocable Living Trust Plan to Joint Revocable Living Trust Plan: 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, the estate tax exemption is $11,400,000 per individual and as a result many such married clients 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 clients with a separate trust plan may wish to have their unique estate planning objectives reviewed and learn if a Joint Revocable Trust Plan may be more advantageous.
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.