Non-Tax Estate Planning

Avoiding and reducing unnecessary taxes is an objective of estate planning. Those who have not taken the time to protect their assets incur needless expenses. Traditional non-tax estate planning objectives include the following

•  planning for the proper distribution of your assets,

•  probate avoidance planning through a revocable living trust,

•  estate planning for the management of assets for young children and disabled beneficiaries,

•  asset protection planning through trusts,

•  Partnerships, other vehicles, and incapacity planning, including powers of attorney and living wills.

The phrase "nothing is certain but death and taxes" should be amended to read "nothing is certain but death, or more uncertain than estate taxes." As a result of estate tax uncertainty, you may find yourself tempted not to do any planning at all. This could end up hurting both you and your heirs. By considering the estate planning ideas discussed in these articles, you can create an estate plan maximizing flexibility while securing your assets.