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Effective And Efficient Attorneys For Your Personal And Professional Needs

The attorneys at Ritigstein Law, are knowledgeable advisors who help clients achieve their goals in estate planning, probate, business law and litigation.

What are some considerations to think about when estate planning?

On Behalf of | Feb 1, 2021 | estate planning | 0 comments

When preparing an estate plan, the estate planner should think thoughtfully and carefully about what they would like their estate plan to achieve and do for them and their loved ones. They should also be familiar with how an estate plan can help them accomplish their goals for their estate plan, plan for their future and care for their family.

Considerations to take into account when estate planning

The estate planning process is different for everyone depending on their estate; their family, friends and loved ones; and their wishes. Considerations estate planners might want to take into account when planning their estate plan out can include:

  • Providing for a surviving spouse and family;
  • Saving on income taxes currently;
  • Saving on estate and gift taxes down the road;
  • Providing for children now and later;
  • Donating to charity;
  • Providing for others such as friends, pets or other loved ones;
  • Managing healthcare if the estate planner is incapacitated;
  • Managing assets if the estate planner is incapacitated;
  • Meeting educational costs and needs for family members;
  • Providing for retirement income; and
  • Protecting assets from creditor claims.

Estate planners should keep the purpose of the estate plan in mind when they decide to take the important step of estate planning and preparing their estate plan. These considerations will help estate planners use the legal tools available to prepare an estate plan that accounts for their concerns and allows them to rest easy that their estate plan will take care of them and their loved ones when it is called upon to do so.