| Estate Planning
> Typical Estate Plan What is a typical estate plan
for a family with minor children?
For a family with
minor children, a typical estate plan may include the
drafting of Wills for both parents which provide for
the appointment of a guardian for your children, the
creation of a trust for the benefit of the children
if something were to happen to both parents, and the
execution of durable and health care powers of attorney
for both spouses. It is also important to review beneficiary
designations on qualified and non-qualified retirement
plans and discuss possible roll over options into IRAs.
If the family
wants to limit the costs, expense and time involved
with probate while maintaining control over their property,
a revocable trust is a good option to consider.
Tax planning should also be considered to limit potential gift
and estate taxes. Such planning may include lifetime
gifting, the purchase of life insurance, and the formation
of one or more trusts.
For assistance with
formulating and implementing an estate plan, contact
our firm for an appointment or Email
David.
|
