 |
| Plan
to avoid probate. For many estates it is
important to avoid probate. Probate is expensive,
it is not private, and results in a delay of
distribution to your heirs. |
| Plan
for gift and estate taxes. Despite tax
reform, gift taxes have not been eliminated and estate
taxes are not phased out until 2010. The estate
tax brackets are high! Effective estate planning
can minimize the consequences of gift and estate taxes. |
| Plan
to name a guardian if you have young children. |
| Plan
to defer payment to your children in a trust.
If you do nothing and your estate passes to your young
children, a guardianship will result. It is
expensive and your children would receive their
inheritance when they are eighteen. |
| Plan
for special needs persons. Impaired heirs
need special care in your estate planning documents. |
|
Planning with a second marriage or discontent heirs.
The second marriage is ripe for discontent.
Provide for your current spouse or children from a first
marriage in a way that will carry out your wishes with
minimal discord. |
| Plan
for unequal estates. Careful planning is
needed when you have large IRA's or employment
retirement benefits. |
