End-of-life and estate planning is about much more than taxes.
It’s mainly asking the right questions, and listening carefully to the answers. A one-size-fits-all website document may not match your circumstances or meet your goals.
Most people don’t need estate tax planning, because they won’t owe any estate tax. Today, $5.3 million can pass tax-free through a probate estate, and it’s easy to double that for a married couple. If your assets are in that range, would you like to carry out some of your legacy plans while you can guide the recipients and enjoy the results?
At the end of your days, who will take make decisions for you if you can’t make them for yourself? How can you make it easier for them?
When you’re gone, who will get your life savings? What will they do with the assets?
Do you have impaired or estranged family members?
Are you single, a nuclear family, or a multi-generation clan?
Is your family Leave it to Beaver or The Sopranos? Archie Bunker or the Simpsons?
Will you be paying for college in a few years? It can cost $100-$150 thousand per student – do you know where you will get the cash?