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Home >> Estate Planning Articles >> Estate Planning Without a Crystal Ball

Estate Planning Without a Crystal Ball

March 31, 2011 by Robert Kulas.

Compliments of Our Law Firm,
By: The American Academy of Estate Planning Attorneys

One of the primary reasons for planning your estate is to make sure that your assets go where you want them to after you’ve passed away. If you’re a parent, it’s likely that you’ll want to use your estate plan to make sure your children are provided for. Many people choose to use their Will or their Living Trust to leave a lasting legacy to a favorite nonprofit or charitable cause.

If you’re not careful, though, you can end up with an estate plan that is short-sighted. It is easy to plan your estate based only on your current circumstances but, as the old saying goes, “change is the only constant.” Since none of us has a crystal ball, establishing a plan that accommodates future changes can be a tricky undertaking.

For example, let’s take a look at the estate plan of Anne and Peter, a forty-something couple with two children. Their son, James, is ten years old and his favorite place in the world is the family’s beach house. Every year, he brings a friend along with him on the family beach vacation… it never fails to be the highlight of his year. Their daughter, Emily, on the other hand, is happiest at the family’s suburban home. She is thirteen, and, unlike many girls her age, she is not a fan of the beach. She has always stayed close to the nest, and likes to be at home where her friends are near.

Considering their children’s personalities and preferences, Anne and Peter decide that ultimately they’ll leave the beach house to James, and the family home to Emily. After all, the two properties have about the same value, and this division of assets seems to best suit their children.

Fast-forward twenty years, though, and the picture looks a little different. Emily and James are all grown up. Emily is married with two children of her own, and her young family considers the beach house their home away from home. They’ve spent countless hours there, making memories. James, on the other hand, is a world traveler. He makes it home to visit his parents once a year, and he hasn’t been to the beach house in a decade. To further complicate things, the two properties are no longer the same value. The beach house is now worth about twice as much as the family home.

When you are planning your estate, it is important to remember that circumstances rarely stay the same over long periods of time. A plan that worked for your family when the kids were little may very well be obsolete by the time they’ve started families of their own. This is why it’s important to ensure that you build flexibility into your plan. For example, rather than stating simply that Emily was to inherit the family home and James was to inherit the beach house, Anne and Peter could have created a plan dividing their assets equally between Emily and James. However, Emily could be given the option to buy the family home and James could be given the option to buy the beach house. This is one example of how an estate plan can be given some wiggle room to accommodate changed circumstances.

Even without a crystal ball, a qualified estate planning attorney can help you put a plan in place that can adapt to change and serve your family through the years.

Kulas & Crawford

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I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

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Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

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Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
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