Possessing estate planning documents does not always mean the estate planning goals are going to be met. We strive to implement a solid plan for our clients so you can avoid unnecessary death tax, unnecessary probate costs, and properly designate beneficiaries for your retirement accounts. We also recognize the importance of the partnership between your financial advisor and estate planning attorney to carry out your goals and objectives successfully.
Another key facet of estate planning is keeping good records, not just of your assets, but also documents that describe your wishes. As an example, your will should outline who you want to inherit your assets after you die, as well as who you’d like to manage your finances or make medical decisions for you in the event that you are incapacitated. These documents are also helpful because they reduce the time and expense of estate settlement, which makes it easier on your heirs.
If you have worked with someone in the past, and you think your estate is properly structured, it may not be. There have been substantial changes in estate laws and taxes in the last couple of years, and your plans may no longer accomplish what you think. Also, it’s likely that your situation has changed dramatically since you last examined this part of your financial picture.
One tool at your disposal during estate planning is the trust. By establishing a trust, you can ensure that there is money allocated to support young children before they are old enough to handle it themselves. A trust is also a key instrument in helping you minimize estate taxes. If you anticipate having assets of at least $100,000, you can use the trust to shield income from these assets from estate taxes. As you can tell, it could be worth a lot to you and your heirs to do a little planning ahead.