Why do you need to review real estate plans


Advance planning for end-of-life issues involves undertaking estate planning with will and confidence as assets may dictate. But no less important is the update of these plans. Lawyers for the American Academy of Estate Planning recommend reviewing plans every three to five years. It is also a good idea to review confidence about major life events: births, weddings, deaths, movements.

For example, my parents have been trusting for many years. As their residence changed, their confidence in the state of their new residence was reasserted, from Maryland, to New Mexico and, in the latest update, to Florida. Dorm is where you live for some time. They have changed residence, the state the trustees consider their permanent home.

You cannot have more than one domicile in estate planning. The state in which an individual resides makes a difference when it comes to probate procedures and tax implications.

Florida has no state income tax, which means that Social Security retirement benefits, pension income, and income from an IRA or 401(k) are all non-taxable. Florida does not impose estate or inheritance taxes. Making a change of residence from New Mexico to Florida offers several tax benefits.

In my case my husband and I have no children. Therefore, we established our trust in 2017 to use the services of a particular bank to enforce the provisions of our trust once we both died. I recently found out that this particular bank was bought by a different bank and fund. This prompted me to look at our trust, established by Morris Hall of AAEPA member and attorney Jim Blitz.

I was glad to see this language as part of the trust, under the title Change of trustee of the company: “Any corporation which cedes the trust business of any named trustee of the corporation under our trust agreement, or acts under this agreement, shall succeed in the capacity of its predecessor without re-transfer or return of the property of the trust.”

To me, it looks like the new bank and trust will be able to operate under our agreement with the old bank. But I think we need to have a meeting with the new bank and reconfirm the arrangements. It’s also time for Jim to visit to review our property plans.

Jill Rubin, Certified Secondary Specialist and The Doyenne of Death®, is a leading educator in the field of death education. One of the first Death Cafe hosts in the US, she uses humor, funny movie clips, and out-of-the-box activities to teach end-of-life themes. She has authored three books on end-of-life issues and coordinates a Before I Die festival in New Mexico. It is also an authorized funeral rite and was awarded Albuquerque Business First with the 2019 Women of Influence Award.

Academy Guest Blogger
American Academy of Estate Planning Lawyers, Inc.
9444 Balboa Street, Suite 300
San Diego, CA 92123
Phone: (858) 453-2128
www.aaepa.com

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