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Don’t Forget to Update Estate and Financial Plans for These Stages and Changes in Life


Don’t Forget to Update Estate and Financial Plans for These Stages and Changes in Life

It takes planning and the help of skilled professionals to guide us through complex areas that include estate planning and building a successful financial strategy. Along the way, life happens, and that almost always includes changes in relationships and priorities.

NASDAQ’s recent article, “6 Reasons to Update Your Financial Strategy Now,” gives us some major life changes and stages that call for an update to your estate plan.

Marriage. It’s important that you both have an understanding of the family finances and be able to set goals together. Both of you should be knowledgeable about the monthly budget, insurance, estate planning and investments.

Divorce. Whether you are trying to maintain your financial situation or recover from the dissolution, there are some key areas that require updating, such as your financial status, a new budget, reviewing credit reports, adding to an emergency fund and analyzing your estate plan. Don’t forget to update your beneficiary designations.

Children. According to the U.S. Department of Agriculture, the typical middle-income, married parents of a child born in 2015 can anticipate spending $230,000 for food, shelter, and other necessities to raise a child up to age 18. That doesn’t include the cost of college. Review your insurance policies and estate plan to make sure that your family is protected.

Career or Job Change. Whether you were unemployed due to termination, merger, or layoff, important financial concerns include loss of income, medical insurance and other benefits.

Retirement. Plan properly to avoid the risk of not outliving the retirement that you thought you would have to see you through.

Loss of a Spouse. This sad reality can be overwhelming from both an emotional and financial standpoint. An estate planning attorney will be able to help you through the process of tasks and legal issues to be resolved.

An estate plan is not a set-it-and-forget-it document. Changes in life and changes in the law, necessitate a review on a regular basis. If you have not reviewed your estate plan in the last four years, now would be a good time to schedule a meeting with your estate planning attorney.

Do you live in Miami-Dade, Broward, or Palm Beach counties in Florida? Laws are constantly changing-- has your estate plan been reviewed in the last 2-3 years? Call me (954-888-1747) right away for peace of mind. I can help!

  • My practice is exclusively estate planning and probate,
  • I have prepared numerous estate plans in 16 years of practice,
  • I have administered estates and trusts through Probate all over Florida,
  • I am a Certified Financial Planner Professional™, and
  • I am here for YOU today and there for your FAMILY tomorrow.

Reference: NASDAQ (January 26, 2017) “6 Reasons to Update Your Financial Strategy Now”

Why would we recommend D.T.F.? Several Reasons: Your ability to explain complex estate problems, clearly and patiently; your total lack of arrogance and pretense; a strong feeling that you are motivated by what you perceive is best for your client, rather than what would generate the largest legal fees; finally, and importantly, you are a lovely guy. A.C.

Two words cannot sum up the entire process of creating my “trust.” I enjoyed your attention to detail, your patience of explaining terms and conditions until I understood, also giving me copies to read and understand. Thank you for your suggestions on what was best for “me” but still allowing me to make my choice. Most of all, thank you for thinking of “me.” Wells Fargo said “you were the best” I cannot deny that. Again thank you very much for everything. Anna is an asset or a compliment to the firm. She is warm and very caring. It was great doing business. Thank you.