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Estate Planning - Lifetime Planning
Legal Marketing News |
2010/09/03 07:17
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div class=contentpaneopenMarathon Legal LLC
Estate planning is a gift to yourself and to the people you love.nbsp; Even those of modest wealth should plan their estates, because modern estate planning means more than distributing property and avoiding taxes.nbsp; At its core, fine estate planning reaches beyond tax and distribution concerns by including written expressions of your values as they pertain to the relationships you have with other people and the wishes you have for your own care should self-care become impossible.nbsp; Fine estate planning minimizes family acrimony and mitigates the burden which poor planning transfers to the people you love when you pass away or become incapacitated.
As these comments suggest, estate planning can address a wide variety of concerns.nbsp; Although two estate plans are rarely identical, Wisconsin law has developed reliable ways to address most common concerns.nbsp; What follows are brief descriptions of the most common estate planning concerns and the corresponding legal mechanisms which are best designed to address them.
strongAvoiding Probate/strong
The length and cost of probate should be of special concern to Wisconsin residents with estates whose monetary value exceeds $50,000.nbsp; Avoiding these pitfalls of probate normally involves ensuring that one’s assets are properly titled and beneficiaries properly designated.nbsp; Sometimes trusts are the most practical way to save your family the expense and burden of probate.
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Providing for Minor Children/strong
Planning your estate affords you the opportunity to speak on behalf of your minor children should you pass away or become disabled.nbsp; Rather than having a court decide who will care for them, your estate plan allows you to name appropriate guardians of your choice.nbsp; Your plan can also address how you wish to provide for your children’s support.
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Incapacity Planning/strong
As life expectancies lengthen, planning for incapacity or disability becomes increasingly important.nbsp; Powers of attorney, advance directives, and other documented instructions enable the people you trust to manage your finances and healthcare when you cannot do these things for yourself.nbsp; These aspects of your plan minimize the time and hassle others may encounter when trying to act on your behalf.
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Minimizing Estate Taxes/strong
Large estates should be concerned about laws which tax the transfer of wealth from older to younger generations.nbsp; Fortunately, these laws also reward those who plan ahead.nbsp; With proper planning, it is not uncommon for large estates to save tens-of-thousands of dollars in estate taxes – far more than the cost of most well-drafted plans. /div |
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