Scott & Huff, P.C.

1000 S. Garfield Ave.
Suite 3
Traverse City, MI 49686
(231) 933-5322

About Estate Planning

This area of the law is concerned with consulting clients and drafting documents which deal with the management of property and its transfer by gift or devise to others. Frequently, but not always, tax considerations are of significance.  The attorney must always factor into a plan the dynamics and needs of the client's family. A skilled estate planning attorney is frequently one that has engaged in many other branches of the practice of law and has considerable breadth of experience not only with the complexities of the Federal tax law but with human nature as well. A good estate planning attorney should be able to tell you about not only the legal and tax effects of what you intend, but also how your plan will play out in your family in the years to come.

If any of the following events occur, you should review the potential effect on your estate plan to determine whether it should be amended or revised in its entirety.  This list is not all-inclusive…

Changes in Family Relations:

• Dissolution of marriage (divorce)

• Death of a spouse

• Marriage of a single person

Changes regarding children, grandchildren, or other beneficiary:

• Birth of a child

• Marriage of a child

• Dissolution of the child's marriage

• Adoption of a child

• Illness of a child

• Economic change (good or bad fortune)

• Attitude change toward testator

• Financial irresponsibility

Changes in Economic and Personal Condition of Testator :

• Asset values increase or decrease

• Change in insurability - life insurance

• Change in employment

• Change in business interests

• Property acquired in a different state

• Change in health of testator or spouse

• Retirement from business or profession

External Changes :

• Change in laws: state and federal income, estate, and gift tax; trust; probate

• Change in residence to different state

• Death of personal representative, trustee, or guardian