Even With the Repeal of the Death Tax, You Need an Estate Plan!

By | April 19, 2017

You need an estate plan whether or not the estate tax (and GST) applies to you. Tax avoidance (or more accurately, minimizing the estate tax) is not the only reason to establish your estate plan.

Do Not Let the State Distribute Your Estate

The primary focus of most estate plans is to determine how to distribute your assets. If you do not have an estate plan, the state imposes its plan on you, and the state's succession statutes will determine how your assets are distributed. If you want more info about estate planning then you can also look at http://speedwelllaw.com/alexandria-estate-planning-attorney/.

Rule From the Grave

Perhaps one of the most powerful tools an estate plan can provide is the peace of mind that your hopes and goals for your children will be relevant after you are gone. By transferring your assets through a trust, rather than outright, you can provide substantial limitations on the distributions from the trust.  

Do Not Delay Have Your Say

If you have children who are minors, you need to establish who will care for them if you pass away. This may especially important if your child's other parent is remarried, absent, or otherwise ill-prepared to handle the responsibility of raising your children.

Plot Your Own Fate and Avoid Probate

Probate – the administration and distribution of your estate through the probate courts- can be an expensive, time-consuming process. However, with the proper planning, it can be easily avoided. Estate planning is especially important to avoid probate when you own real estate in more than one state.

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