IS IT TIME TO UPDATE YOUR ESTATE PLAN? 3 Reasons to Modify an Existing Plan
While estate planning is not something that many really enjoy — nobody likes to think about death — most people do recognize the importance of it. However, there’s a common misconception. Many believe that once a comprehensive estate plan is prepared, it’s a one-and-done deal and they never again have to revisit it.
estate plan will also list trustees who are responsible for managing all funds and financial decisions. Any time a new child is born, this needs to be updated. Marriage and Divorce In many marriages, couples will leave everything to each other in the event that one passes away, especially in their first marriage, leaving the surviving spouse to provide for the children. When a divorce takes place, this needs to be updated accordingly within the existing estate plan. Change in Wealth In the event that an individual comes into a large sum of money, whether through inheritance, increased salary, or another financial blessing, the existing estate plan must be modified. Keep in mind that state laws differ and tax laws are always changing, which may impact your assets, so adjustments may need to be made. For all of your estate planning needs, we are here to help! From our offices in Staten Island, New York, and East Brunswick, New Jersey, we represent clients in both states in all aspects of estate planning and estate administration. Give us a call today!
That’s far from true. Everyone can benefit from periodic reviews of their plan with their trusted estate planning attorney. Both laws and personal circumstances are constantly changing, thus the estate plan sometimes needs to be updated along with it!
Here are some of the most common reasons that may warrant a modification of an existing estate plan.
A Growing Family Within an estate plan, the last will and testament designates both the legal guardian and successor guardian who would raise children under the age of 18 in the event that the parents pass away. The
MICHELE’S RECIPE CORNER
SUDOKU
Fresh tomatoes and basil abound in August, practically begging to become bruschetta! This recipe turns that appetizer into a main dish. TASTY BRUSCHETTA CHICKEN Inspired by Delish.com
INGREDIENTS
• 4 boneless and skinless chicken breasts, pounded to even thickness • 4 tbsp olive oil • 2 tbsp lemon juice, divided • 1/4 tsp pepper • 1 tsp Italian seasoning
• 3 tomatoes, chopped • 2 cloves garlic, minced • 1 tbsp fresh basil, chopped • Salt and pepper, to taste • 4 slices mozzarella cheese • Parmesan cheese, grated
DIRECTIONS
1. Add chicken to a large resealable bag. 2. In a small bowl, combine olive oil, 1 tbsp lemon juice, pepper, and Italian seasoning. Pour over chicken and seal. Refrigerate for 30 minutes. 3. Turn a grill to medium-high heat and add the chicken. Discard the marinade. Grill chicken 5–7 minutes per side or until fully cooked. 4. Combine the remaining lemon juice, tomatoes, garlic, and basil. Add salt and pepper, to taste. 5. Before taking the chicken off the grill, top each breast with a slice of mozzarella cheese. Cover and cook 2–3 minutes, then serve topped with the tomato mixture and grated Parmesan cheese.
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