Basic Tax & Estate Planning for Individuals & Families

Everyone should have a plan in place in case something happens to them. Sometimes a simple will, healthcare directive, and power of attorney is sufficient. However, there are many concerns a simple will cannot resolve.

For example, you may want to protect your inheritance from going to your son’s spouse or restrict your daughter’s use of inherited funds if she lacks the financial maturity to handle a sudden influx of wealth. In order to achieve these objectives, your estate plan must include more than a simple will. Through the use of various trusts, you can impose certain restrictions and conditions on the distribution of your assets, so that your money is used how, and by whom, you want.

A revocable living trust can be beneficial for avoiding probate, protecting your privacy, and reducing estate administration costs.

Even if you don’t have to worry about estate taxes, estate planning can reduce income taxes for of modest wealth.  Any money left in an IRA or retirement account is subject to tax after the account holder’s death. By designating beneficiaries in lower tax brackets, you can reduce your family’s overall tax burden. Certain investment allocations can also provide your family with substantial savings in capital gains taxes.