Are you still wrapping your head around the fact that the New Year, 2023, is here? Were your holidays full of family, festivities and fun? Now that life is getting back to the post holiday normal, are you reflecting on your time spent with your family? Have you noted that not only are your children getting older, you and your spouse are as well? Are you concerned about whether you have enough insurances and savings accounts in place to protect yourself and your family if something were to happen to you? Most importantly, what about your Connecticut estate plan? Is it up-to-date?
Many of our clients, as well as the advisors we work with in our local community, often ask us what should they be mindful of when it comes to their estate planning? We realize, as experienced Connecticut estate planning attorneys, just how much knowledge we have access to based on what we see in our practice. Each day, we meet with clients and their loved ones to discuss just what is needed to ensure that they are personally protected, as well as their businesses, their family, and the legacy they want to leave behind.
We would like to share some tips with you for updating your Connecticut estate plan at the beginning of the New Year. You may want to use these tips now, or any time throughout the year, to make sure that your Connecticut estate plan reflects your goals for both the present and the future.
- Keep your estate plan up-to-date. Did you know that most Americans who have an estate plan never bother to update it? You do not want to fall into this category. In your estate plan, accuracy is a must! With that being said, have there been any changes in your family dynamic, such as divorces, deaths, births or remarriages? Have names or addresses changed. These changes can cause problems when they are not updated to reflect life changes. If you have not updated your estate plan recently with your experienced Connecticut estate planning attorney, or checked in to make sure it reflects what you actually want, we would encourage you to do this in the New Year.
- Check your health care decision planning. Do not take your health for granted! At any time you could have an accident, surgery or medical diagnosis that could cause you to be incapacitated. Then your health care decision-making documents become vital. It is time to check in with your Connecticut estate planning attorney to make sure you have the person you want to have legal authority to make decisions for you in a crisis set up properly.
- Create and leave a legacy. A well crafted Connecticut estate plan is not only about who should inherit from you at your death, it also allows you to create a legacy not just for yourself, but for your loved ones as well. Does your current estate plan reflect the legacy you wish to leave to the world? Whether it is time to check in to make updates or to truly think about what you want to leave at the time you are longer here, it is time to schedule a meeting with your Connecticut estate planning attorney to discuss the legacy you wish to create. Your estate planning attorney will also be able to provide guidance on how to ensure that your legacy will be preserved no matter what life sends your way.
- You should have retirement goals and begin planning. Did you know that a critical part of estate planning is retirement planning? Do you have goals for your retirement at this time? Does your estate plan follow your goals for retirement? Do you need guidance on how to get where you want to go, not just financially, but with an eye on the legacy that you want to create? Your Connecticut estate planning attorney can help you answer these questions.
- Are you aware of any changes in federal or state taxes that could be impacting your estate plan? The federal and state tax structure continues to be a topic of discussion and possible revision on a daily basis. You need an experienced estate planning attorney who is monitoring these changes to keep you up-to-date on what may or may not impact you. That is why you need to find your estate plan, dust it off and meet with your Connecticut estate planning attorney.
- Start thinking about long-term care. What would happen if in the future you needed significant long-term care? Unfortunately, you cannot depend on Medicare because it will not pay for most types of long-term care. Therefore, it is essential for you to consider your long-term care needs and how the financial drain on your resources could impact your estate-planning. If you have not thought about your estate plan along with your long-term care plan, now is the time to schedule a meeting with your Connecticut estate planning attorney to discuss how potential long-term care complications could impact how you reach your goals.
- Avoid probate and protect your beneficiaries. Is your current estate plan crafted in such a way to help you avoid the Connecticut probate process? While most estate plans can help you avoid probate, very few of them that we review discuss how to protect beneficiaries going forward. Do you have a Connecticut estate plan that will be able to not only leave a legacy but also ensure that future generations will be protected? If not, this is an important topic to discuss with your Connecticut estate planning attorney.
We know this article may raise more questions than it answers. We know this blog may raise more questions than it answers. We want you not to wait to learn more about this critical issue facing all of us, but most importantly Connecticut seniors. Remember, being prepared is the best defense you can have in place. The Northeast Law Center practices law in many Connecticut counties including Hartford, New London, Tolland and Windham. We encourage you to contact us and schedule a meeting.