As the first month of the new calendar year has now passed, many people are turning their attention to the upcoming tax season. However, Florida residents could also take the chance at this time of year to review their larger financial picture. Instead of focusing only on last year’s taxes, now is a great time for you to look ahead and how you might develop or change your estate plan to put you and your heirs in a better financial situation.
As Fidelity Investment explains, there are many things that may make reviewing and making changes to your will or trust beneficial for you. Changes in tax code laws may be one of those. Other things could include life changes such as a new marriage for you or any of your heirs. Similarly if you or one of your adult children for example has recently gotten divorced, you will likely want to change your estate plans so that the now former spouse is no longer set to receive a chunk of your estate.
Births and deaths of heirs, the purchase or sale of real estate or other financially significant assets and even simply a major change in your income might also be things that warrant some changes to the plans you have in place.
If you would like to learn more about how and when you should go about reviewing and potential amending your will, trust or other estate plans, please feel free to visit the long-term asset planning page of our Florida estate planning website.