two men reviewing estate planning documents

Para español, haz clic aquí.

Estate planning isn’t a one-time process. To be effective, your documents need to be regularly reviewed and updated. If it’s been more than two or three years since you last edited your planning documents, it’s time to call MEG International Counsel.

Situations That Should Trigger an Update

Major changes to your life and/or personal finances can significantly impact your estate planning strategy. You will want to schedule an update of your documents if:

  • You’ve had a significant increase or decrease in income.
  • You’ve purchased real estate or digital assets that need to be accounted for in your trust and other planning documents.
  • You’ve married or divorced.
  • You’ve welcomed a new child or grandchild to the family.
  • Your relationship with your beneficiaries has changed, or you now need to account for a beneficiary’s special needs.
  • You need to make changes to your executor or trustee.

Even if you don’t believe your situation has changed significantly, there could be tax law changes that impact the effectiveness of your current plan. Scheduling a review at least once every three years is the best way to ensure your plan is still providing the desired level of protection.

Special Concerns Regarding Immigration Status or Residency

An additional area of concern that applies to Mexican and Latin American investors is changes in immigration status or residency. This includes your own status as well as the status of your heirs or beneficiaries. For example, if you plan to give up your U.S. citizenship or residency, you can’t simply continue estate planning as if you were a foreigner. A more comprehensive strategy is needed to avoid unnecessary estate taxes. You may also be obligated to pay an exit tax as any other citizen expatriate in addition to having other non-tax obligations. 

Ideally, you will want to speak to an estate planning attorney who specializes in meeting the unique needs of foreign clients before making any decisions regarding relinquishing your green card or citizenship.

MEG Cares℠ Makes Document Reviews a Stress-Free Process

MEG Cares℠ provides you with unlimited access to our attorneys for changes or modifications to your living trust or estate plan, as well as:

  • Alignment, verification, and tracking of assets in the trust
  • Telephone and email consultations
  • Notary Public services
  • Annual Membership in DocuBank®
  • Annual family meeting

All of our clients are enrolled in MEG Cares℠ free of charge for the first year. After that, there is a flat $6,000 fee to participate in the program. Contact us today to learn more.

Post A Comment