Updating an Estate Plan

Beneficiary & Fiduciary issues

• Have any individuals named as beneficiaries or fiduciaries (e.g., Executor, Trustee) passed away?
• Are there any individuals (or charitable organizations) that should be added or removed as beneficiaries (primary or contingent)?
• Have there been any marriages or divorces that would impact your estate plan?
• Is there a beneficiary with special needs receiving government assistance?
• Have there been (or could there be) any births that would impact your estate plan?
• Do you need to protect any beneficiaries from a divorce, creditor issues, substance abuse, mental illness, spending issues, or gambling issues?
• Do you need to update the appointments under your Powers of Attorney (General and/or Health Care)?
• Do you want to update any of your intentions as outlined in your Living Will?

Minors & Children Related Issues

• Have any of your children reached age 18 (or the age of majority in your state)? If so, they no longer need to have a guardian or personal representative.
• If you have children under age 18, do you need to appoint or change the named Guardians and/or Trustees?
• Do you have an adult child who has no spouse or child? If so, consider talking to your child about implementing their own Powers of Attorney (General and Health Care), perhaps appointing you to act on their behalf if they are unable to do so.

Other Issues

• Have there been any changes to state or federal laws since your estate plan was last reviewed?
• Are there digital assets that should be preserved?
• Are there any state-specific issues that should be considered such as a state estate tax?

Assets & property related issues

• Do you expect your estate will exceed your unused federal estate and gift tax exclusion amount (maximum $15 million, or $30 million if you are married)? If so, consider strategies to plan for a possible federal estate tax liability.
• Do you wish to make specific requests of assets that were not made in the current estate plan?
• Have you bought or sold a second residence?
• Do you own homes, investment property or tangible property in two or more different states?
• Have there been any material changes to your assets (ownership or valuation)?

About Archford®

Archford® was built around the mission of “Taking Care of Families”. CEO and Founder Jim Maher grew up in a family business, which inspired him to seek a diverse professional background with secured licenses in law (JD), accounting (CPA), insurance, financial planning, exit planning and retirement planning. While acquiring these designations and degrees, he realized how important it was for all of these areas of a person’s life to be interconnected for financial success. Archford® provides wealth management, retirement planning, business consulting, accounting, data management and philanthropic services all under one roof. This unique service model enables the team to collaborate daily to help clients save time, save money and make money.

Meet our Founder

Jim Maher, an attorney and CPA, holds a bachelor’s degree and a law degree from the University of Missouri – Columbia. He is the CEO and founder of Archford Capital Strategies. Believing that the most important asset for the business owner is the employees themselves, Jim has brought together a team of passionate advisors. Jim has earned seven certifications and designations along with his advanced degree. These designations help him to efficiently design and implement both financial and tax-advantaged plans. He also created a consulting division to assist business owners with a wide range of solutions for business continuation or succession planning. As a Certified Exit Plan Advisor (CEPA®), he helps closely held family businesses to establish resources for business owners in transition. Jim and Jenny have four boys who enjoy giving back to the community through philanthropy, traveling and playing soccer. Jim and Jenny are very proud of their boys for their high academic and sport achievements.