The Hemenway & Barnes Podcast

Author: pod617 - The Boston Podcast Network

Join Hemenway & Barnes attorneys, trustees and philanthropy professionals as they discuss best practices, trends and common questions related to estate and tax planning, charitable giving, nonprofits, and business and real estate law. Find more information and resources at www.hembar.com
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Language: en

Genres: Business, Non-Profit

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The Lifecycle of an Estate Plan
Monday, 8 May, 2023

In this episode of the Hemenway & Barnes podcast series, Charlie Platt and Joan Garrity Flynn discuss the various stages of estate planning and how the factors that drive decisions in this regard change over time. Estate planning is fluid and should be revisited and revised over time. People often execute their first set of estate planning documents upon marriage or the birth or adoption of child. Guardianship of minor children is usually the primary driver and tax planning is generally less of a focus. As you accumulate more wealth, you may need more sophisticated tax planning and retirement strategies. When you grow older, you may need to reassess your estate plans and wealth transfer strategies, including charitable planning, family business succession planning and end of life planning.The decisions you make are shaped by your family and financial situation at the time and that is why you should revisit the documents every 5-7 years.Triggers that warrant a review/update of estate plans:Major changes to personal and financial situationMarriage/divorce/changes in relationship statusAddition of children/loss of family membersTax law changesChange of domicileInheritances or other infusions of/reductions in wealthIf you like this podcast please subscribe and share it with a colleague or a friend.