Estate Planning: The long and short view

Estate Planning:  The long and short view 

            We have talked about estate planning before, but I thought it might be helpful to take some time and cover several topics over the next month.  For today, I’d like to talk about some general issues and ideas.

            Regardless of the size of your estate and your family, taking the steps necessary to ensure that if you are incapacitated or if you die your wishes regarding your medical care, financial management, and the disposition of your estate need to be appropriately planned.  The best approach is to get some quality legal and financial advice before you take concrete action.  Tax planning can be a big part of making sure that your estate is managed in accord with your goals.  The right kind of tax planning can legally minimize taxes to you, your estate, and your heirs.  There are many ways to approach realizing your goals, but the first step needs to begin with good solid advice.

            An estate planning attorney can give you a good idea on how to achieve your goals.  Coupled with sound tax planning, the end result will be a plan that maximizes your assets and assures that your heirs get what you intend for them in the manner you want them to receive your gifts.  As with most things in life, prior planning will best ensure an appropriate outcome.

             Talk to any CPA or attorney and you will hear horror stories of people that either ignored their estate planning or relied on the internet for advice.  Last wishes not honored, sizable shares of the estate going to legal fees and taxes, and lives ruined due to a lack of guidance in making and receiving a bequest.  Regardless of your goals, the first step is to get quality advice.  The estate planning the flows from this advice will ensure that your goals are met in the least expensive and most effective manner possible.

- Next time, we will talk about planning in the event you are incapacitated or otherwise unable to make your own medical and financial decisions.