The area of estate planning has gone through many changes in past years, and will probably go through extensive changes again in the near future. The purpose of estate planning is to effectively transfer the wealth that you’ve accumulated in your lifetime to whomever you want (children, charities, etc.) in a very clear, cost effective (taxes) way possible.
Many professionals in this business use taxes as a way to scare clients into using their “cookie cutter” approach to estate planning. As with most financial planning areas, there are certainly some general guidelines, but personal preference should be the top priority. Our estate planning goal is to understand the client’s goals and dreams, what their perfect scenario would be, where the assets go, who receives them, or any restrictions that may apply. It is then our job to collectively understand that, work with attorneys, and have the documents do exactly what they need to do at the least amount of cost and taxes. The estate tax is an optional tax, and we approach estate planning that way.
- Benjamin Franklin
