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Legal Library Topic

Planning for Minor Children

Isn’t tax planning for rich people?
While the wealthy do need tax planning, a good estate plan can offer tax planning advantages to everyone. Wealthy individuals may need to be concerned about estate taxes, but your beneficiaries will most likely have to address income and capital gains taxes. A properly designed and executed estate plan can both reduce those taxes and defer them to a later date. This serves to pass on more of your property to your loved ones rather than the government.
Estate planning addresses the consistent and hardest parts of life, which is when someone passes away. In my opinion, estate planning’s purpose is to help a family’s transition as they cope during such a difficult period in their lives. It is a gratifying and purpose-filled legal service.

Comprehensive estate planning takes the whole person into account. It involves selecting trusted individuals to carry out one’s wishes and drafting documents that carefully guide and protect future generations. Estate planning also goes beyond taxes, wealth, and medical decision making: Many people choose to include things like recorded oral histories and precious heirlooms in their plans. This makes estate planning not just about property, but about the legacy, values, and vision you want to pass along to future generations.

What is Estate Planning?
Estate planning is how you can take care of your loved ones even after you are no longer able to do so. The three purposes of estate planning are: 1) Control your property while you are alive and well; 2) Provide for yourself and your loved ones if you become incapacitated/disabled; 3) Give what you have to whom you want, the way you want, when you want.

Estate planning addresses the consistent and hardest parts of life, which is when someone passes away. In my opinion, estate planning’s purpose is to help a family’s transition as they cope during such a difficult period in their lives. It is a gratifying and purpose-filled legal service.

Comprehensive estate planning takes the whole person into account. It involves selecting trusted individuals to carry out one’s wishes and drafting documents that carefully guide and protect future generations. Estate planning also goes beyond taxes, wealth, and medical decision making: Many people choose to include things like recorded oral histories and precious heirlooms in their plans. This makes estate planning not just about property, but about the legacy, values, and vision you want to pass along to future generations.

Do I need to do estate planning?
Every individual has different needs, and to receive a full appraisal of your needs for estate planning, I would advise you to schedule a complimentary initial meeting to discuss your situation.
What does a guardian do?
Guardians and conservators are court-appointed individuals who make decisions on a person’s behalf in the event of mental or physical incapacity. This can be avoided by adding proper powers of attorney, and explicit directions for them, to your estate plan.
What is a trust?

A trust is an estate planning strategy. It offers you protection in the event of incapacity and allows for great flexibility with how your property is distributed after the person has passed away.

What is a Trustee?

A Trustee is the person who administers your trust. In this sense, a Trustee is similar to the Personal Representative of a will. However, a trust is private, while a will is public.
 
A Trustee also has duties to the trust’s beneficiaries, called fiduciary duties. This means that a Trustee could be found legally liable if the Trustee inadequately administers a trust. I would suggest that a Trustee contact an attorney specializing in Trust Administration for help.

Who should I pick as trustee?

Trustees manage assets contained within a trust. To figure out how to select the right person for the job, first consider whether the trustee should be an individual or a financial institution. If choosing an individual, pick someone you know who is diligent and detail-oriented, and whom you trust to carry out your clear instructions.

Why would I want to give my children their inheritances through a trust?

A trust grants you control over time, which means that while a will effectively distributes your property all at once, you can spread out distributions over time or place pre-requisites that your descendants have to fulfill before they can access your property. A trust can mirror your parenting style and personalize distributions to your descendants according to their unique situations.

Is a will or trust better for me and my family?

The decision to have a will or trust is an incredibly personal and unique decision. I advise that you meet with an estate planning attorney to help you understand your options and to help you make the best decision for yourself and your family.

Why does an 18-year old need an estate plan?

Even an 18-year-old has property, and that 18-year old probably cares who would get their property if they pass. Also, a good estate plan also has incapacity planning, which protects the 18-year-old in case of incapacity.

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