Yes, Living Trusts need maintained. This is perhaps the dirty little secret that you may not have been told. There will be changes that occur in 3 areas.
(1) The law will change (both federal and state law);
(2) Your life will change; and because the laws are changing and your life is changing
(3) Our counseling will change.
When those changes are left unattended, it will cause your plan to become outdated. An outdated plan simply means your plan is wrong.
Naturally, you will know when there are changes in your life. But when there are changes in the law you may not know. When the legislature makes the law and they are enacted you are expected to know about those changes. Of course, you probably don’t know about the changes because you don’t focus your life on these areas of the law just like we don’t have time to focus our life on other areas of the law. But when it comes to estate planning and asset protection laws, this is our passion. For all of us, “ignorance of the law is no excuse.”
When the laws change, in our experience, they do not call their attorney to get their plans updated. There are two simple reasons. First, they didn’t know the law changed in the first place. And second, quite frankly, they don’t want to pay the attorney to make the changes.
Our Life Plan clients don’t have that problem. We’ve developed a system that makes sure our clients get protected and stay protected. It’s called the life Plan Maintenance Program. The clients on this program are called our Membership Plan Clients.
Our Life Plan Maintenance Program not only keeps our clients updated on the changes in the state and federal laws but it also provides a way for our clients to keep their plans updated. And much more… Here are the benefits all our Life Plan clients receive.
The Life Plan Membership Program is like Fire Insurance. It’s nice to have if you ever need it. However, the chances of the law changing, your needs changing, or your assets changing, are far greater than the chances of your house burning down.
Please review the three categories of benefits of the Membership Maintenance Program: (1) Annual Review & Updates; (2) Client-Only Workshops; and (3) Continuous Communication.