When it comes to estate planning, couples have a variety of objectives in mind. From minimizing taxes to protecting their assets and ensuring their loved ones are taken care of, there are a few primary goals that most couples share. Knowing these goals can help both the couple and their estate planner determine the best way to structure their estate plan. The first and foremost goal of estate planning is to ensure that your loved ones are taken care of after you pass away.
This means making sure that they have enough money to live comfortably and that they are not burdened with any unnecessary taxes or fees. To achieve this, married couples often look for ways to minimize the amount of taxes their assets are reduced by. This helps maximize the amount of assets that go to their loved ones. Another key estate planning goal for married couples is to maintain their privacy.
As people age, they become more vulnerable to fraudulent schemes and requests. To the extent that an estate plan can protect the privacy of a married couple, this can help protect the surviving spouse from being targeted by such plans. Estate planning also involves managing a person's asset base in the event of disability or death. This includes bequeathing assets to heirs and settling estate taxes.
Most estate plans are established with the help of an experienced probate lawyer who can help couples create a plan that meets their individual objectives and circumstances. People have several reasons for planning an estate, such as preserving family wealth, supporting a surviving spouse and children, funding the education of their children or grandchildren, or leaving their legacy to a charitable cause. As the previous publications demonstrate, estate planners are still struggling with how to structure estate plans for married couples in order to achieve the fiscal and non-tax goals of such couples. Estate planning is an important process for married couples who want to ensure that their loved ones are taken care of after they pass away. By minimizing taxes and protecting their privacy, couples can maximize the amount of assets that go to their loved ones and ensure that their legacy lives on.