8 reasons to create/update your estate plan Everyone needs an estate plan, and every estate plan created before early 2013 should be reviewed and likely updated. Here are eight reasons why you should create or update your estate plan:
1
income tax planning
2
the orderly disposition of financial and non-financial wealth
Most existing estate plans will cost the family significantly in the form of unnecessary capital gains tax. All estate plans created before early 2013 should be reviewed and likely updated to address income tax issues.
Don’t be stuck using California’s default estate plan. Use estate planning to pass values, like religion, philanthropy and education for future generations.
3
bloodline (ex in-law) protection
4
disability planning
Use estate planning to protect your assets from an ex son- or daughter-in-law and ensure that it stays in the family.
Make sure your assets are available to take care of you the way you want if you become disabled.