Is your will as effective as it was twelve months ago? A multitude of life changes, including changes you may not be aware of, can make a small or large part of your will obsolete. As children or grandchildren grow, as life brings you moments of joy or sorrow, in short, as the activity of the seasons immerses you in the daily experience of life, it's easy to forget about how these changing times will affect your loved ones after you are gone. For this reason, it's a good idea to dedicate some time each year to review the specifics of your estate plan.
Changes in Your Family
If you are divorced or newly married, you probably already thought about the impact your new status has on your will. In some states, such changes render a will obsolete. Also, unlike children who can be disinherited, a spouse is legally entitled to a portion of your estate.
Children are disinherited for any number of reasons. Regardless of how much you love a child, that child's self-destructive behavior may lead you to omit him from your will. A specific statement of disinheritance will prevent any confusion about your intentions.
Changes in Your Wealth
A common change, unfortunately, in these economic times, is a decreased value in net worth. If the value of your assets has decreased in the past year, it may be cause to change your will.
Alternately, an increase in wealth may make your estate vulnerable to estate tax. A will can be crafted to minimize that tax burden on your estate.
Changes in Estate Laws
Estate tax laws change every few years. More often than not, these changes expose weaknesses in existing estate plans and increase tax liability. An attorney well-versed in estate planning is your best defense against exorbitant estate taxes.
Even though you wrote your will under careful consideration, your intentions may not be implemented or may change completely as your life continues to change. Make a yearly appointment with yourself to review your will and avoid the procrastination that you successfully overcame when you created it in the first place.
This article is not intended as legal advice or information.
Attorney Andrew M. Lamkin can consult with you to help you adapt your estate plan to meet the needs of your changing life.
Thursday, June 24, 2010
Common Causes of Car Accidents
Unless you live in the city, chances are that you or somebody you know owns a car. Owning a car means great responsibility, but also the chances of getting into an accident. There are many common reasons that accidents occur on the road, and all could have easily been avoided.
1. Drunk driving. In today's society, drinking is not only considered an acceptable part of life, but it is also encouraged. Some people may never want to stop consuming alcohol, bringing this habit to the roads. As a result, the driver is unable to think straight or function properly, and proves to be a real danger to others who come into contact with them. They may not be able to stay in their lane, or somehow feel that they must act wildly, thus crashing into another car or object. It is not surprising, then, that this would be a common problem.
2. Aggression on the road, also known as "road rage." For those who suffer from this problem, the need to show little or no regard for others is apparent. These are the drivers that speed through red lights, cut you off as you make a turn, yell and scream when traffic is not moving as fast as they would like, and so on. According to them, the law seldom applies to their automobile; it is everyone else who has to adhere. People of this nature should be avoided, or even reported if it reaches serious levels.
3. Lastly, drivers who are distracted can also be a hazard. Maybe they have decided that the highway is the perfect place to retouch their makeup. Or perhaps the scenery is so attractive they do not feel the need to keep an eye on the cars in front of them. Whatever it might be, when their thoughts and sights are elsewhere, that is where a car accident comes into fruition. Humans of this caliber should never be provoked, but they do need to learn how to take responsibility.
This article is not meant to be legal advice, and should not be treated as such.
Clients in the Long Island area should contact the Law Offices of Elan Wurtzel, P.C. after a car accident for legal guidance and assistance.
1. Drunk driving. In today's society, drinking is not only considered an acceptable part of life, but it is also encouraged. Some people may never want to stop consuming alcohol, bringing this habit to the roads. As a result, the driver is unable to think straight or function properly, and proves to be a real danger to others who come into contact with them. They may not be able to stay in their lane, or somehow feel that they must act wildly, thus crashing into another car or object. It is not surprising, then, that this would be a common problem.
2. Aggression on the road, also known as "road rage." For those who suffer from this problem, the need to show little or no regard for others is apparent. These are the drivers that speed through red lights, cut you off as you make a turn, yell and scream when traffic is not moving as fast as they would like, and so on. According to them, the law seldom applies to their automobile; it is everyone else who has to adhere. People of this nature should be avoided, or even reported if it reaches serious levels.
3. Lastly, drivers who are distracted can also be a hazard. Maybe they have decided that the highway is the perfect place to retouch their makeup. Or perhaps the scenery is so attractive they do not feel the need to keep an eye on the cars in front of them. Whatever it might be, when their thoughts and sights are elsewhere, that is where a car accident comes into fruition. Humans of this caliber should never be provoked, but they do need to learn how to take responsibility.
This article is not meant to be legal advice, and should not be treated as such.
Clients in the Long Island area should contact the Law Offices of Elan Wurtzel, P.C. after a car accident for legal guidance and assistance.
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