“You were in great form” is always a good thing to hear from a client after a presentation to them and their family.
Families are home for Thanksgiving, so that is why my clients in my Formal Update Program, The LifePlan System™, are encouraged to attend my worship with their loved ones. We met Saturday morning and reviewed the current status on the Congressional inaction on the tax code, but more importantly how their Estate Plans work. We reviewed how their Trusts can avoid the cost, delay, and publicity of Probate Court if the assets are titled in their Trusts. We reviewed how we originally titled their Assets into their Trusts and have to work together to keep them properly titled. We reviewed what the roles are for their Trustees (and Agents) and asked, “Are these still the right people for these roles?” We reviewed how our Law Firm will keep their Estate Plans up to date with the Law.
If we keep the clients’ Estate Plans current with the Law, the Assets properly titled, and the right people in the right roles through The LifePlan System™, the Estate Plan will “work” to avoid unnecessary Probate Court expenses and taxes, protect the client and their loved ones, and work with the then current law for an easier transition.
Why do Estate Plans need to be updated?
The law will change, what you own will change, and your relationships will change, so we need to keep reviewing and updating our Estate Plans. We do that through our Formal Update Program—The LifePlan System™—to keep them current legally, asset wise, and to make sure the right people are in the right roles.