Top Reasons to Review Your Estate Plan in 2016
Daniel S. Cohan is Counsel to Sahn Ward Braff Koblenz Coschignano as part of the Firm's Trusts and Estates Department. A frequent lecturer on estate planning issues, he is a member of the Estate Planning Council of New York City, Inc. and the Tax and Estate Planning Council of Nassau County, Inc. He is also a member of the committee for the Surrogate’s Court of the New York County Lawyers Association and a member of the Trust and Estate Committee of the Nassau County Bar Association.
Mr. Cohan recommends an annual review of wills and life insurance trusts. Some of the questions that you should ask yourself that may prompt making changes are as follows:
- Do they contain lifetime trusts for your children instead of outright bequests to them to protect their inheritance from a future divorcing spouse and/or future potential creditors?
- Should the provisions of your Will be changed due to changing family circumstances over the years?
- Have you protected the inheritance of your children in case your spouse remarries after your death?
If you have a life insurance trust and would like to change any of its provisions, you can now do it under New York law, even though it is an irrevocable trust.
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