Philadelphia Estate Planning Headquarters 2015

The Fall season is a great time to review your estate plan, asset protection plan and retirement plan. Some laws in 2015 have changed, and as we turn towards 2016, now is the best time to ensure your plan is in order.

• Has it been more than three years since you updated your estate plan? If so, get it reviewed by an attorney immediately.
  
  
• New tax laws may affect your plan, particularly the Affordable Care Act (ACA) (Obamacare) 3.8% surtax on net investment income. Pennsylvania Governor Tom Corbett signed H.B. 1429 in July 2014, which will change how powers of attorney must be written starting in 2015. In June 2014, the U.S. Supreme Court in Clark v. Rameker ruled that a beneficiary IRA is subject to bankruptcy claims. In May 2014, a federal district court in Pennsylvania ruled that same-sex marriage is now legal in Pennsylvania.
   
• Major changes to your family, such as marriage, divorce, addition of new children or grandchildren all warrant immediate estate plan reviews.
   
• Do you have children that are having difficult times with work, their life, etc., that may effect how you plan your estate? Asset protection is increasingly important in the modern estate plan to protect your loved ones from themselves and others.
  
  
• Have you thought about taking advantage of gifting during your lifetime? Did you know that in 2015, you can make over $5 Million in lifetime gifts without incurring gift taxes. You can also gift $14,000 per year (annual gift exclusion amount, which didn't change this year) per person without any tax or filing liability. Gifting can present enormous benefits, but it must be done with the advice of a professional. Gifting has tax, asset protection, and long-term care implications.
   
• Have you reviewed and updated your beneficiary designation forms on IRA's, Life insurance policies, 401(k)'s, annuities, and other accounts with a beneficiary form? 
   
• Have you considered how you will plan for a 30+ year retirement? You must consider income planning, safe investment tools and life insurance. 
   
• Do you give to certain charities, and don't have them included in your estate plan but want to give something upon your death?
   
• Have you considered how you will deal with your pets if you become incapacitated or pass on?
   
• Are you confident your plan will work when it is needed, so that there is a smooth transition from you to your loved ones?
   
• Have you considered tax-free wealth transfer strategies for your estate?

If any of the checklist items concern you, or if you have any questions, please do not hesitate to reach out to our office. Call us today at (215) 706-0200.