If not properly planned, your will may cause headaches or
problems for your loved ones and fail to fulfill your wishes.
Fortunately, solutions are available for the following
situations.
Situation: Invalid will. Have you properly and
thoroughly planned your estate? Solution: Because
a will must follow strict requirements in many states, make sure
not to overlook small, yet essential, details. It is also important
to make sure your will does not contradict any of your other estate
planning documents.
Situation: Out-of-date will. Have certain
situations changed in your life?
Solution: Review and update your will regularly.
Changes include a marriage, divorce, birth or death; a change in
tax structure; or a desire to name a new executor or trustee.
Situation: Estate tax consideration. Will a
change in tax law affect your estate plan?
Solution: Under current law, the federal estate
tax applies if you die in 2008 and your estate is worth more than
$2 million. In 2009 that amount will increase to $3.5 million. In
2010 estate taxes are completely repealed, yet they reappear in
2011 and the exemption drops to $1 million. Therefore, keep abreast
of how these scheduled changes affect your estate plan.
Situation: Charitable giving. Does your will
bequeath anything to the educational institutions such as St.
John's University that are important to you?
Solution: You may add a charitable bequest of cash
or specific property to your previously established will by adding
a codicil, or you may draft a new will.
To learn more about designing an estate plan to meet your needs,
consult an estate planning attorney.
For more information, contact Susan Damiani at (718) 990-7562,
or e-mail us at damianis@stjohns.edu