By Gail L. Abrams, Attorney at Law
Estate planning is not something you should do once and then disregard. It is important that your estate plans are updated frequently. When something happens unexpectedly in your life you may not be able to take the time to plan. Let me give you an example: I had a client in her 40s who recently went in for a routine mammogram. The doctor told her she had to come back for additional testing because something looked suspicious. The attending physician recommended an MRI. The MRI found anomalies requiring additional studies. The studies revealed she in fact had stage two breast cancer. The doctor spoke in technical terms expecting her to understand what the significance of the finding was. She was in shock and did not understand the significance of the findings and was left to research its implications on her own! This did little to right her world which had been turned completely upside down in an instant. I think of this when I meet clients and explain Estate Planning. I always want to ensure that I am explaining the estate plan clearly and in terms that the client understands and how it will impact their lives. This time she was lucky and made a full recovery. It makes you think. When something happens, usually bad, it happens in an instant. Estate planning should be simple to understand. I often use the term KISS. In Estate Planning K.I.S.S. stands for Keep it Simple and Secured. Make sure your estate plan is secured for your family. If something unexpected should happen your family is prepared and taken care of.
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My own father passed away from a heart attack back in the 90s. He was suddenly gone in an instant and because he did not update his estate plan, my family was left struggling to go on and pick up the pieces. It is common in a household for one spouse to pay the bills and manage the financial and estate affairs. Did you ever ask yourself how will my spouse manage when I pass away or become incapacitated? Does he or she know what to do? Here are some indicators that your estate plan may need critical updating: Getting older and your children have moved out of the house and/or are no longer minors. Death of a child, parent, or executor. Buying and selling new assets. Marriage or divorce. Starting or selling a business. Your beneficiary (child or other heirs) is getting a divorce or is getting married. It is important you are prepared for the surprises in life and stop procrastinating. At the law firm of Gail L. Abrams in Watchung, NJ we offer solutions to preserve your assets for your family while avoiding unnecessary taxation and headaches. We take the time to ensure you are comfortable and understand your estate planning choices. Don’t wait until something happens in an instant. Make informed decisions regarding your estate and financial affairs. The Law Offices of Gail L. Abrams offers Estate and Financial Planning including Living Trusts, Wills, Powers of Attorney, IRA Strategies, and Retirement Planning. Plan now before it is too late!
Call the Law Office of Gail L. Abrams and discuss your estate planning needs or email at gabrams@siafinancial.com.