• Skip to primary navigation
  • Skip to main content

Duffy Law Office, PLLC

Helping Families Preserve Their Wealth

  • Home
  • Our Firm
    • About Our Firm
    • About The American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • Speaker Connection
  • Services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • LGBTQ Estate Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Reports
    • Advanced Estate Planning
    • Basic Estate Planning
    • Estate Planning For Niches
    • Trust Administration
  • Resources
    • Client Resources
    • Consumer Resources
    • Published Books
  • BLOG
  • Contact Us
  • (563) 445-7400
  • Show Search
Hide Search

Estate Planning Is A Long Term Process Relevant To All

Dennis D. Duffy · Jan 17, 2011 ·

There are some popular misconceptions regarding estate planning that we would like to touch upon that are useful to keep in mind. The first thing that people should understand is that estate planning is not something that you take care of forever in one sitting. Things change as life marches on, and the strategies that made sense five or ten years ago may not make sense in today’s world given the specifics of your circumstances.

Things take place in your own life and in the society at large that can impact your estate plan regularly. If you want to be truly prepared for every eventuality you need to be ready to react to the world around you and make ongoing adjustments as they become necessary.

The other thing that we would like to emphasize is that estate planning is relevant to all adults, even younger people. It is very likely that the quality of life that you and your spouse enjoy requires two incomes. If one of you were to pass away suddenly in an accident or come down with a catastrophic illness and pass away, where would the other be financially?

This question is even more profound if you have children. If you and your spouse were to both pass away together in an accident, and you leave no instructions or financial resources behind, what happens to your kids? Clearly you need to carry adequate life insurance and name a chosen guardian for the children at the very least.

Estate planning can seem to some like a “one-shot deal” that never needs to be revised and is only really relevant to people in their eighties. If this is your understanding, you may want to rethink your stance and consider what your sudden absence might mean to your loved ones.

  • Author
  • Recent Posts
Dennis D. Duffy
Latest posts by Dennis D. Duffy (see all)
  • Attorneys Want to Help - December 14, 2016
  • Trusts and the Estate Tax - December 14, 2016
  • What Is a Third Party Special Needs Trust? - December 14, 2016

Estate Planning Elder Law, Estate Planning, Retirement Planning

Blog Subscription

Where we are

Duffy Law Office, PLLC
1840 E 54th St
Davenport, IA 52807
United States (US)
Phone: (563) 445-7400

Opening hours

Monday8:30 AM - 4:30 PM
Tuesday8:30 AM - 4:30 PM
Wednesday8:30 AM - 4:30 PM
Thursday8:30 AM - 4:30 PM

Map

duffy_hmpg_map.png

© 2022 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us