Estate Planning: Best Practices for Getting Started

Estate Planning: Best Practices for Getting Started

Many people consider estate planning a task to be tackled “some day.” Thinking about one’s own mortality can be unsettling, but it’s absolutely essential for all individuals, regardless of level of wealth, to make estate planning a priority. Without adequate estate planning, your wealth may not be distributed according to your wishes, and your family may be burdened with unforeseen federal and state estate taxes.

We’ll take a deep dive into estate planning in our May seminar, “A Review of the Current Estate Tax Laws and How They Affect Your Estate Plan,” with Vaughan, Fincher, and Sotelo PC. But here are some critical concerns to keep in mind as you begin estate planning:

  • You’ll want to distribute your assets in the most tax-efficient way possible. Ensure that your will is updated and disposes of your assets in a clear manner. A CPA will be able to help with this.
  • In addition to wealth distribution, make sure you have proper plans in place for the care and financial support of young children or other dependents.
  • In some circumstances, you should consider a living trust to prevent your assets from going through probate.
  •  You may want to establish a formal gift-giving program so that you take advantage of the ability to make annual gifts to any number of individuals without paying taxes.

To learn more about estate planning, register for our May seminar.