Basics of Estate Planning – Part Two
Goals of Estate Planning
Here are four goals for every estate plan:
- Every estate plan should increase and preserve your property during your lifetime. This includes managing liquidity, building or increasing retirement benefits, and minimizing tax burdens.
- Every estate plan should provide for your beneficiaries after your death, with provisions tailored to each beneficiary’s specific needs. This includes choosing a guardian for a minors, as well as creating trusts designed to protect an inheritance from creditors, protection from spendthrift tendencies, special needs provisions for disabled beneficiaries, and charitable giving.
- Every estate plan should minimize tax liabilities and administrative costs. This includes avoiding probate, minimizing federal estate tax, and evaluating income tax consequences, including utilization of tax deferred assets.
- Every estate plan should plan for your incapacity. This includes the use of durable powers of attorney, medical durable powers of attorney, health care directives, and a living will.
Contact the experienced estate planning attorneys at The Crosthwait Law Firm to discuss how to ensure your estate plan meets and exceeds these four goals.
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