Friday, April 18, 2014
Many people believe that an estate plan centers on tax planning. As a result, people do not feel the need to have one. The problem is an estate plan involves much more than tax issues, and for most folks the non-tax items are more significant than tax planning. Below are a few guidelines and tips that Bob Carlson, from Investing Daily suggests should apply to every estate plan.
- Have an estate plan.
- Know where all of your assets are.
- Estimate the debts to be paid out of your estate and plan how you want the debts handled.
- Choose reliable executors and trustees.
- Anticipate potential conflicts and try to minimize or resolve them.
- Keep in mind an estate plan is a balancing act between your family’s needs and your goals so it might not be perfect.
- Be flexible.
- Talk to your family about your wishes.
- Do not distribute copies of your will it might make a will contest more likely.
- Update your will.
See Bob Carlson, 10 Basic Rules of Every Estate Plan, Investing Daily, Apr. 17, 2014.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.