Author Archives: Jim Mauro

The Only Constant in Life is Change

When Circumstances Change, So Should Your Estate Plan


Change Ahead photoYour estate plan was written to reflect your situation at a specific point in time –  and – as we all know – our lives continually change, unfolding in ways we might not have anticipated. Just like you meet with your doctor, financial advisor, or CPA on a regular basis, you need to meet with us on a regular basis as well.
In this post, we:

  • Identify and provide examples of life changes which typically trigger a need to update your plan
  • Examine how often you should “check in” with our office

The goal?  To make sure that your estate plan achieves your goals and works for your family.


Update Your Estate Plan if Any of These 6 Circumstances Apply to You

  1. Marriage, divorce, or death of a spouse
  2. Changes in financial status – good or bad
  3. The launch or wind down of a business
  4. Birth, adoption, or death of a child or grandchild
  5. Change in personal or family circumstances – including the need to replace trustees, address disabilities or addictions, moving to a new state, and more
  6. Change in your goals – such as changing amounts of inheritances, adding or removing a charity, and more

It’s not just changes in your life you need to think about – Congress, the courts, and the legislatures are constantly changing the rulebook. If you haven’t had your will, trust, or estate plan reviewed since 2012 or if any of these 6 circumstances apply to you, it is essential to contact us, so we can get you back on track.

Examples of When You Should Update Your Trust

To illustrate when a revocable trust should be updated, let’s take a look at the Thomas family:  Jim and Carol have been married for 20 years and have three grown children. Several years ago, they created a trust to provide for themselves and their children.
However, since that time, their family has gone through many changes – some good and some not so good. Jim and Carol are considering updating their estate plan to reflect changes in their family’s circumstances. Here’s a look at their circumstances and how they may affect their estate plan:

  • Divorce. Their eldest son has filed for a divorce from his wife. Jim and Carol need to update their revocable trust to exclude the soon to be ex-wife as an intended beneficiary.


  • Changes in financial status. Carol’s aunt passed away and left her a great deal of money. Jim and Carol need to determine how this inheritance will affect their current plan and future estate tax liability.


  • Birth. Their youngest child recently announced that she and her husband are Change Ahead photoexpecting their first child. Jim and Carol need to update their trust in order to provide for the child.


  • Changes in personal circumstances. Their middle son was recently diagnosed with a severe disability and can no longer work. He is eligible for government disability benefits, but receiving traditional trust income would disqualify him. Jim and Carol need to convert their son’s current trust into a special needs trust so the government does not consider that income for qualification purposes.


  • Changes in tax law / venue. Jim and Carol moved from Chicago to Miami to beat the cold winters. Since their estate plan will now be subject to Florida (rather than Illinois) law, it’s time to determine if Florida law might provide them with additional benefits.


How Often Should You “Check In” On Your Estate Plan?  Change Ahead photo

It is a certainty that your life will change. All manner of life and financial changes make it necessary to “check in” on your estate plan.

We can help you to manage your plan. If it’s been 3 to 5 years – or – you have experienced significant life change since you signed your estate planning documents, call our office now. We’ll help you determine whether your estate plan needs to be updated. Life moves fast and procrastination can harm you and your loved ones. We welcome your call now.

This newsletter is for informational purposes only and is not intended to be construed as written advice about a Federal tax matter. Readers should consult with their own professional advisors to evaluate or pursue tax, accounting, financial, or legal planning strategies.

David Marshall Datz relocates in Provincetown!

New Ad photo at BeksAfter a very successful year in Provincetown at our 1 Winthrop Street location, we are moving to a bigger and better location just steps away at 167 Commercial Street.  Located in a mixed residential and commercial complex directly across the street from Joe Coffee, this new office space will now have 3 offices and 2 conference rooms with views of Provincetown Bay.

We look forward to serving our clients in our new location beginning June 1, 2013.  Stop by and say hello!

David Marshall Datz Opens in Provincetown!

May 2013 – Outdated article.  We have moved to 167 Commercial St.


We are pleased to announce that David Marshall Datz, P.C. has now opened a second office in Provincetown, MA.  We’re excited about our new space as we are now able to better serve our clients on Cape Cod and the Islands.   The office is staffed 5 days a week and by appointment.

Located at 1 Winthrop St. in the West End, we are just steps from Commercial Street.  If you’re in the area, stop by, say hello and check out our new space.

Our phone number in Provincetown is 508.487.3900.

Strong Relationships Breed Success

Nurture“Take steps today to strengthen and build the relationships that you already have.  The value of long-term working relationships are the core of all of our business successes.”

David writes about the importance of nurturing your business relationships in the December issue of the Massachusetts Real Estate Bar Association (REBA) newspaper.  This newspaper is also inserted into the highly esteemed Banker and Tradesman newspaper.

It’s his first article in REBA News and we’re very proud of him.  Congratulations David!

REBA News Dec 2011 pg 5