Common Estate Planning

Estate planning is a way to anticipate and plan for the management of your estate after you die. You can start this process during your lifetime after you become incapacitated, or after you pass away. This process will help you protect your family's assets and reduce taxes. It can be very complicated and requires a lawyer's assistance, but it is worth the time and money.

This person is known as a fiduciary and is obligated to act in her best interests. You should designate family members, close friends, and spouses as fiduciaries. One of the primary goals of the Two Spruce Law is to minimize taxes. Federal estate taxes can be among the highest taxes assessed on financial transactions. Many states also levy estate taxes. There are many ways to minimize these taxes, including transferring assets to charity. In addition, you can establish a family limited partnership or fund a qualified personal residence trust.

The process of estate planning is complicated. The goal is to ensure that your wishes are carried out after you pass away. It will save your family a lot of time, money, and grief when it comes time to divide your estate. By making sure your wishes are carried out, you can be sure your family will get what they want. A well-written estate plan will help you protect your loved ones and ensure your wishes are followed.

You should review your estate plan frequently. New laws and situations may arise that require changes in your estate plan. Moreover, it is essential to update your estate plan every three to five years. This will keep it updated and effective. You should make changes based on major life events and changes in your finances. If you have made a will or appointed a power of attorney, it is important to notify your family members and the people who will be affected by it.