Basics of Estate Planning – Part Two

Goals of Estate Planning

Here are four goals for every estate plan:

1. 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.
2. 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.
3. 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.
4. 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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