Why One Size Doesnt Fit All In Estate Planning

Why One Size Doesn’t Fit All in Estate Planning

There are many things that estate plans have in common. For example, there will likely be a will, a power of attorney, a health care proxy, and probably a trust. The same key elements will also be addressed, such as property distribution, business interests, and so on. But one size, and certainly one plan, does not fit all when planning your legacy.

For example, a person may be single or married. Or they may be part of an unmarried couple, or a same-sex couple, causing rights and responsibilities to vary by state. One spouse may not be a US citizen, which may impact the marital deduction. Maybe there are minor children or other dependents, and perhaps dependents with special needs. The estate may be small enough to avoid the federal estate tax, but large enough for state taxation. Of course, many of these factors and the estate size will also change over time.

All of these concerns, plus you goals and desires, need to be carefully considered when planning your estate. It is essential that your advisors are aware of all of the circumstances, and all of the available options. Make sure you are not being limited based on the options available via a specific provider. At best, work directly with someone who is independent. At least, get the opinion of an independent advisor before finalizing the plan or as part of your annual review. Your legacy depends on it.

At Absolute Conclusions, we pride ourselves on staying informed of the best practices and best plans available. Our core goal is to help you create and maintain your legacy. Our independent status enables us to align completely with your interests, and we can also offer fee-based consultations, insurance audits, and reality-checks to provide further peace of mind. Please remember that the buy-sell agreement and funding plan should be reviewed annually, and at any time a significant change in the business size or scope occurs. If you have any questions or feedback on this article, click the Schedule a Call button to set up a no-cost, no-obligation consultation.

Please note: This document is intended to provide introductory information on the subject matter. Absolute Conclusions does not provide tax and legal advice. You should consult with independent financial, tax and/or legal professionals before making financial investment or planning decisions.