Written by Christopher W. Dumm, The Law Office of Christopher W. Dumm
General wisdom states that a person should revise their estate plan every three to five years or any time a significant life event occurs.
Usually, this refers to such things as a new marriage, divorce, the birth of a child or grandchild, or anytime your assets change significantly. It can also refer to paradigm-shifting events like a global pandemic. One other instance where an estate plan revision is needed is when a new administration takes office — as has just happened. This is because new government inevitably means new federal estate tax laws and, naturally, the new administration is no exception.
Find out how a new administration could affect your current estate plan here.