Your estate plan can be simple or complicated. The New Hampshire Union Leader’s recent article, “Estate planning is important and may require help from a professional,” says that some strategies are definitely easier to implement—like having a will, for example. Others are more complex, like creating a trust. Whatever your needs, most strategies will probably necessitate that you hire a qualified attorney to help with your estate planning.
Here are some situations that may require special planning attention that an attorney can help you with:
- Your estate is valued at more than the federal gift and/or estate tax applicable exclusion amount ($11.4 million per person in 2019);
- You have minor children;
- You have loved ones with special needs who depend on you;
- You own a business;
- You have property in more than one state;
- You want to donate to charities;
- You own valuable artwork or collectibles;
- You have specific thoughts concerning your own health care; or
- You want privacy and want to avoid the probate process.
First, you need to understand your situation, and that includes factors like your age, health and wealth. Your thoughts about benefitting family members and taxes also need to be considered. You’ll also want to have plans in place should you become incapacitated.
Next, think about your goals and objectives. Some common goals are:
- Making sure your family is taken care of when the time comes;
- Providing financial security for your family;
- Avoiding disputes among family members or business partners;
- Giving to a charity;
- Managing your affairs, if you become disabled;
- Having sufficient liquidity to pay the expenses of your estate; and
- Transferring ownership of your property or business interests.
Ask your attorney about a will. If you have minor children, you must have a will to name a guardian to raise your children if you can’t be there for them, unless your state provides an alternative legal means to do so. Some people many need a trust to properly address their planning concerns. Some of your assets will also have their own beneficiary designations. Once you have you a plan, review it every few years or when there’s a birth, adoption, death, or divorce in the family.
Reference: New Hampshire Union Leader (July 27, 2019) “Estate planning is important and may require help from a professional”