September 19, 2017

One of the primary purposes that many people engage in the estate planning process is to ensure that taxes are minimized and that their financial matters are handled as they wish. However, you need to consider planning for purposes other than taxes. For example, you will need to think about designating the best executor or trustee because this is a crucial piece of ensuring that the administration of your estate goes smoothly. It might also be important to update materials over time for any special needs provisions if any of the beneficiaries is receiving government assistance. 

If there is a change in your family situation, this could also trigger updates in your estate plan. Failing to incorporate this could lead to confusion or even conflicts after you pass away. If the size of your estate has changed, it’s also a good idea to schedule a consultation with an estate planning lawyer to discuss your overall financial distribution plans. The current gift tax exclusion may allow you to provide gifts to someone while you are still alive and can help to reduce the size of your estate and give advantages to your beneficiaries in the short term.

Consulting with an experienced estate planning attorney can help you accomplish not just your tax planning goals but also the other unique considerations you will want to have including passing things on to philanthropy, how to do your beneficiary designations on things like retirement forms and other materials are relevant for estate planning purposes.