Creating an estate plan is an important first step, but it should never be a “set it and forget it” process. As your life evolves, your financial strategy should evolve with it. At HBL CPAs, we help clients proactively review and adjust their estate and tax plans to ensure they continue to reflect their goals, family structure, and financial reality.
If it has been several years since your last review, or if you have experienced a major life change, now may be the right time to revisit your plan.
Why Regular Estate & Tax Plan Reviews Matter
Your estate plan is designed to protect your legacy, but outdated documents can create confusion, tax inefficiencies, and unintended outcomes. Tax laws also change over time, which can impact your strategy in significant ways.
A routine review helps you:
- Ensure beneficiaries are current
- Adjust for changes in assets or income
- Align your plan with updated tax laws
- Protect new family members
- Confirm your wishes are still accurately documented
Major Life Events That Should Trigger a Review
Certain milestones should automatically prompt a review of your estate and tax plan.
Marriage or Divorce
Changes in marital status can significantly impact beneficiary designations, asset ownership, and tax strategy. Updating your plan ensures it reflects your current situation.
Birth or Adoption of a Child
Adding a child to your family may require new guardianship decisions, trust structures, and updated inheritance plans.
Retirement
Your income sources, tax situation, and financial priorities often shift in retirement. This is an ideal time to reassess distributions, tax strategies, and long-term planning.
Significant Changes in Assets
Buying or selling property, receiving an inheritance, or growing a business can impact your estate structure and tax exposure.
Changes in Tax Laws
Tax regulations evolve regularly. Even small changes can affect estate taxes, income taxes, and gifting strategies.
Health Changes
A diagnosis or aging-related concerns may require updates to healthcare directives, powers of attorney, and long-term care planning.
Residency Changes
Moving across state lines could require updating your estate and tax plan to align with your new state’s laws.
What Happens During an HBL CPAs Estate & Tax Review
At HBL CPAs, our tax advisors conduct a comprehensive review of your tax and estate planning situation. We work closely with you to understand your goals and identify opportunities for improvement.
You may be asked to provide:
- Existing wills and trusts
- Powers of attorney
- Insurance policies
- Recent tax returns
- Information on new assets or income
From there, we collaborate with your estate attorney on recommended updates and strategies.
How Tax Planning Fits Into the Picture
Estate planning and tax planning go hand in hand. Our tax analysis helps identify strategies that may:
- Reduce income tax exposure
- Improve retirement income planning
- Support charitable giving goals
- Optimize investment decisions
This integrated approach ensures your estate and tax planning work efficiently both now and in the future.
Don’t Wait Until It’s Too Late
Many people only revisit their estate plan after a major event, or worse, when a crisis occurs. Proactive planning gives you control and peace of mind while protecting your loved ones from unnecessary stress.
Schedule a Review with HBL
If it has been several years since your last estate or tax plan review, or if you have experienced a major life change, now is the time to act. Contact your HBL Tax Advisor to schedule a personalized estate and tax planning review today.
