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Home >> Estate Planning Articles >> The Estate Tax Is Not the Only Consideration in Estate Planning

The Estate Tax Is Not the Only Consideration in Estate Planning

September 30, 2011 by Robert Kulas.

Compliments of Our Law Firm,
By: The American Academy of Estate Planning Attorneys

According to the Center on Budget and Policy Priorities, only the wealthiest one out of every 400 estates owed an estate tax in 2009. For those who may be subject to estate tax, a properly-drafted estate plan can help reduce or eliminate estate taxes. It can also help to minimize capital gains and income taxes. But estate planning is about more than reducing taxes – it’s about planning for life.

When you focus on life planning, you can use estate planning tools to your benefit today, and your heirs’ benefit in the future. Proper estate planning can help you:

  • Organize your assets to minimize the impact of disability
  • Avoid probate
  • Minimize income taxation
  • Protect your assets from creditors
  • Ensure your children’s futures
  • Instill your values in your descendants

Proper planning also comes with the emotional benefit of knowing that your affairs are in order and that there will be an orderly transition for you, your spouse or partner, and your loved ones at your death.

One of the biggest advantages to creating a formal estate plan is that it can be customized to virtually any circumstance or desire that you have. No matter how simple or complex your family dynamics are and no matter the size of your estate, you can arrange for the disbursement of your assets exactly according to your wishes.

Another consideration is how your family and loved ones will deal with something such as an incapacity. Legal estate planning tools such as a Health Care Durable Power of Attorney or a General Durable Power of Attorney can ensure that someone you trust can make decisions on your behalf if you become disabled. This life-planning tool also ensures legal and ethical order for your family and loved ones, something that is welcome during a health crisis.

One of the most common and flexible estate planning tools is the Revocable Trust. This tool can keep your affairs private after your death by avoiding the need for Probate. It can also address matters such as an incapacity and help you reinforce the values that you’ve instilled in your loved ones by using Trust income to encourage or discourage heirs’ behavior.

Clearly, a properly drafted estate plan is more of a life plan than a tax-savings tool, and there are many more planning options that we have not mentioned here. It’s important to consult with an estate planning attorney to discuss your particular circumstances and to draft a sound estate plan.

Kulas & Crawford

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Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

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Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

default image
Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

default image
Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

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Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

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Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

default image
Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

default image
L.G.K.
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