Estate planning is an integral aspect of a financial strategy aimed at protecting and preserving assets and peace of mind. Many people face challenging issues such as transferring ownership of a family business, caring for a family member unable to manage their own affairs, or minimizing income and estate taxes for themselves and heirs. For others, creating family foundations, establishing gifting programs, guardianships, and charitable trusts are significant.
All too often, people establish a well-conceived estate plan that, ultimately, fails to achieve all they intended. The reason? Their plans become obsolete when circumstances change.
Generally speaking, an estate plan should be revisited whenever either of the following occurs:
- New tax laws are passed.
It goes without saying that revisions to federal or state estate tax rules may necessitate a review of estate plans. Revising trusts, wills, or gifting programs may also be advisable after new income tax legislation is passed, because new income tax rates or rules – for example, regulations regarding IRA distributions by beneficiaries or the taxation of different types of investment income – could affect the after-tax benefit to trust beneficiaries and heirs.
- Personal or family circumstances change.
Changes in family membership, significant changes in your overall wealth, the acquisition or disposition of major assets, chronic illness or incapacity of you or a family member – any of these can trigger the need to revise an estate plan.
At Pennsylvania Trust, our Trust Administration team includes attorneys with extensive experience in developing imaginative and individualized estate-plan solutions. Their knowledge and expertise can simplify the process of creating or updating an estate plan, ensuring your plan remains relevant as you and the world around you change. Professionals with deep understanding of fiduciary practices and a sensitivity toward 21st-century economic realities, our trust administrators work in tandem with each client’s counsel, insurance specialists, investment manager and other knowledgeable advisors, to provide attentive service and tailored advice that is prompt, reliable, and technically sound.
Whether their wealth is inherited or amassed over a lifetime, Pennsylvania Trust is committed to protecting the value of the estate and preserving the legacies our clients seek.