Estate Planning: Don’t Let the Summer Slowdown Slow You Down!

July 2019

While we don’t want to admit it, we are 40 days away from Labor Day. Unfortunately, that date generally marks the end of summer (at least for the Midwest) and while we are trying to soak in the last of these sun-filled days, the quiet days of summer are also a great time for you to update or start your planning for the future.

If you’re asking yourself the below questions during the lazy days of summer, it might be time to revisit the planning process before the bustling fall season: 

  • “I thought I finished my estate plan. Do I need to revisit it?” Estate planning is a process, not a one-time event. Change in family circumstances (marital, health, economic, etc.) and changes in the law often require revisions to your planning documents. Planning documents that are more than five or 10 years old often need revising.
  • “Am I too young for estate planning?” All adults should plan for incapacity and death regardless of the value of their estate. Failure to do so can result in a messy situation for surviving family members. Accidents and illness can happen at any age.
  • “Don’t I just need a simple will?” In reality, most people have more complex planning needs. Considerations that require more detailed planning involve the distribution of the estate to beneficiaries, planning for guardianship of minor children, estate taxation, children with special needs, unique asset succession (cabin or business), blended families, etc.
  • “I’m all set with my planning, but my parents are aging – am I suppose to be planning for them too?” This type of planning falls into the category of Elder Law. Traditionally, Elder Law is a practice that crosses disciplinary boundaries. For example, an elder law attorney may have experience with estate planning, health care law, landlord/tenant law, real estate law, and personal injury. By focusing on a client population instead of an abstract discipline, elder law attorneys gain skills and experience in the challenges that face this population and how best to assist clients who are similarly situated. With these unique skills, an elder law attorney can provide superior service to seniors and their families – and we have our very own Elder Law attorney Kate Graham.

If any of the above questions have crossed your mind, contact FMJ’s Trusts & Estates group at estateplanning@fmjlaw.com or see below for direct email addresses for the individual Trusts & Estates attorneys.

About FMJ’s Trusts & Estates Practice

FMJ’s Trust & Estates group can help clients create and implement an estate plan in a time span that fits their needs. We make estate planning simple and affordable. Clients can email us at estateplanning@fmjlaw.com to have someone from our Trusts & Estates group contact them. We offer complimentary 30-minute initial consultations and flat-fee estate planning to fit every budget.FMJ’s Trusts & Estates Group consists of  David Ness (Shareholder, david.ness@fmjlaw.com), Karen Schlotthauer (Senior Counsel, karen.schlotthauer@fmjlaw.com), Matthew Jensen (Associate, matthew.jensen@fmjlaw.com), Nicole Flaherty (Associate, nicole.flaherty@fmjlaw.com), and Kate Graham (Associate, kate.graham@fmjlaw.com). Follow FMJ’s Trusts & Estates Blog here