Establishing a Trust
One tool at your disposal during estate planning is the trust. By establishing a trust, you can ensure that there is money allocated to supporting young children before they are old enough to handle it themselves. A trust is also a key instrument in helping you minimize estate taxes. If you anticipate having assets of at least $100,000, you can use the trust to shield income from these assets from estate taxes. As you can tell, it could be worth a lot to you and your heirs to do a little planning ahead.
Keep Good Records
Another key facet of estate planning is keeping good records, not just of your assets, but also documents that describe your wishes. As an example, your will should outline who you want to inherit your assets after you die, as well as who you’d like to manage your finances or make medical decisions for you in the event that you are incapacitated. These documents are also helpful because they reduce the time and expense of estate settlement, which makes it easier on your heirs.
If you have worked with someone in the past, and you think your estate is properly structured, it may not be. There have been substantial changes in estates laws and taxes in the last couple of years and your plans may no longer accomplish what you think. Also, it’s like that your situation has changed dramatically since you last examined this part of your financial picture.Creative Planning
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