Estate Planning is more than a Will and is more than just determining who gets your property when you pass away. It is about minimizing the costs to you and to your family. Some of these costs are strictly financial, and frankly obvious, such as federal taxes or the often overlooked state death taxes. Other costs are hidden, such as the drain on your estate that comes from failing to plan for your retirement or the loss in value to your business when it has to be sold at a discount because there is no better plan in place.
If you have a special needs child or grandchild, any property they receive will, in time, be confiscated to cover costs. Then there is the cost that comes in failing to protect your children’s inheritance, say from accidental disinheritance if your spouse remarries. More likely, though, is the loss of your child’s inheritance when an ex-spouse carves out a piece of it in the property settlement. Not all costs are monetary, though. There are the emotional costs when your family is left behind, trying to figure out what to do with your estate, or worse still, they begin fighting with one another over what to do with your assets.
Estate planning is an opportunity to diminish these costs; an opportunity to help preserve your family’s inheritance and reduce the emotional toll on those you care about.
Whether you are looking to create your estate plan for the first time or to update your existing plan, Goosmann Trust Law Counsel can help you create your comprehensive and personalized estate plan, providing you peace of mind that your wishes will be followed.
- How can I start my Estate Plan?
- What should I know about inherited IRAs?
- What is the difference between a Will and a Revocable Living Trust?
- What is Funding the Trust?
- What is the difference between married couples having a Joint Trust versus separate Trusts?
- There are so many terms in estate planning. Can you easily explain some of the most common?
- What are the responsibilities of an Executor and Trustee?
- How do Trustees and Executors work together?
- What are some of the fiduciary nominations I need to choose within my estate plan?
- What are some tips to avoid probate?
What is a Family Limited Partnership?