Tips for Successful Estate Planning
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* Take time to educate yourself about the complexities of estate planning.
* Determine your family’s basic estate planning objectives, and bring members together to discuss the overall plan.
* Talk to individual family members to find out what each wants and expects.
* If conflicts arise, make sure they get resolved. If that is too difficult to do on your own, consult a family therapist.
* Strive to create a plan that distributes assets with love and fairness to all members of your family.
* Bring beneficiaries together to review the final estate plan with your lawyer.
* Plan to protect the inherited money from your children’s potential future problems (should they become divorced, be addicted to substances or be financially immature).
* Have a plan to ensure your wishes are carried out.
* Plan to protect your assets for your surviving spouse.
* Plan to reduce or eliminate the death tax.
* Plan to prevent the IRS from getting two bites of the apple. (By taxing your children and later your grandchildren on the same money.)
* Plan ahead to keep your children and property out of probate court.
Sources: Sandra Dawson, a Torrance marriage and family therapist; “Beyond The Grave” by Gerald M. Condon and Jeffrey L. Condon.
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