Tips for Estate Planning with your Parents

December 11, 2015

 Parents should have a plan to avoid court intervention at the time of death. Minimizing costs while maximizing assets should be a primary goal of this and you may also be able to accomplish providing for financial and healthcare decisions. In many cases, most parents did not wish to have their estate go through the process of probate but by the time their loved ones face it, it is too late to have alternative plans in place.shutterstock_184815692

Have needed documentation such as creating and funding a revocable living trust if this is beneficial to your situation. Another goal of estate planning parents should be to create flexibility in tax decisions like signing a fiduciary to react to current tax laws as necessary.

Determine the conditions necessary for defining incapacity. Hire the right fiduciaries, clearly detail both final wishes and the distribution of personal effects. Initiating a dialog with your parents by focusing on healthcare helps to avoid all of discussion of assets and allows the door to be pushed open. This sets the groundwork for future progress.            


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

Why Entity Structure Matters for Business Owners, Investors, and High-Net-Worth Families

Learn how thoughtful entity structuring can support tax planning, asset protection, operational efficiency, and long-term wealth transfer strategies for business owners and multigenerational families. Why ...

<p>The post Why Entity Structure Matters for Business Owners, Investors, and High-Net-Worth Families first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Why Estate Planning Is About More Than Just a Will

Learn the key differences between wills, trusts, probate, and estate planning strategies designed to help families stay organized, protected, and prepared. Why Estate Planning Is ...

<p>The post Why Estate Planning Is About More Than Just a Will first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Rethinking the 4% Rule: How Retirement Withdrawal Strategies Are Evolving

Explore how the traditional 4% retirement withdrawal rule is being re-evaluated in today’s market environment and considerations for modern retirement income planning.  Rethinking the 4% ...

<p>The post Rethinking the 4% Rule: How Retirement Withdrawal Strategies Are Evolving first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>