Estate planning is an intimidating concept for many people. Yet, it is also one of the most essential actions you can take to safeguard your family now and in the future. Below are a few basic tips for your consideration:
- Comprehensive estate plan. Having a comprehensive estate plan requires more than just signing a Will. You should also consider establishing a Trust, appointing a power of attorney, appointing a guardian for your minor children, and taking advantage of other tools available to protect your assets and wealth. An estate plan can reduce tax liability, ensure assets are distributed according to your wishes when you die, and help avoid the time and expense of probate.
- Assets. When creating an estate plan, it is beneficial to inventory all of your assets. This includes real estate, retirement savings, investments, insurance policies and business interests.
- Make difficult decisions. There are many tough decisions that must be made when creating an estate plan. Who will inherit your assets? Who will make your medical decisions if you are incapacitated? Who will handle your financial affairs when you are unable to do so? Who will raise your children if both you and your spouse die?
- Make tax-free gifts. If you want to help your loved ones while you are living and reduce your taxable estate, consider making tax-free gifts.
- Be charitable. Donations to a charitable fund or community foundation are an investment that grows tax-free. You can select the charities to receive your contributions both while you are alive and after you die.
Both federal and state laws must be considered when establishing an estate plan, so it is imperative that you obtain counsel from an experienced estate planning attorney. Let us help you get started on your estate plan today!
The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.