Estate planning goals are carefully evaluated during your estate planning consultation and are considered when your plan is designed, drafted, and implemented. Estate planning is much more than filling in the blanks of a form that you download from the internet.
Here are 26 common estate planning goals that may resonate with you:
- Protecting assets from beneficiaries’ predators and creditors
- Avoiding the unintentional disinheritance of children and grandchildren
- Keeping peace in a blended family
- Minimizing or eliminating federal estate taxes and gift taxes
- Supporting a favorite charity
- Encouraging children and grandchildren to attend college, start a business, or contribute to the community
- Ensuring that a beloved pet won’t be euthanized
- Making sure that your surviving spouse can pay the bills
- Avoiding probate
- Avoiding a guardianship proceeding
- Keeping the court out of your life, family, and money
- Retiring or starting a second career
- Planning for your children’s college
- Starting a new business
- Gifting to loved ones
- Making sure that you have the right insurances: disability, life, and liability (including personal catastrophic insurance)
- Ensuring that your assets are owned properly
- Making sure that your assets don’t go to your surviving spouse’s second spouse
- Passing a business to the next generation
- Leveraging tax exemptions
- Providing an income stream
- Diversifying and protecting assets
- Naming guardians for minor children
- Setting up trust shares for children and/or grandchildren
- Moving money to a spouse
- Peace of mind
Estate planning is a very personal counseling oriented process. You are welcome to adopt any of the above 26 common estate planning goals or develop your own. Be sure to consult with a qualified estate planning attorney who will help you to formulate and implement your goals. As life unfolds and your goals change, update your estate plan (every three to five years.)
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