Estate Planning Aims that Married Couples Typically Pursue
May 25, 2014
Individuals tend to approach the task of estate planning with different priorities, values and objectives in mind. However, many married couples do approach estate planning with the aim of achieving several common goals. If you and your spouse have yet to fully develop your estate plan, it might be worth speaking to your attorney about any of the following objectives and priorities that interest you.
Many married couples are primarily concerned with naming guardians for their minor children, with outlining their wishes for end of life care and with protecting those assets that they hope to pass along to their loved ones. These primary objectives may inform the entire construction of a couple’s estate plan. However, there are other priorities that couples may wish to consider when moving forward.
For example, many couples are concerned with minimizing the impact that various taxes will have on the distribution of family assets. The way in which an estate plan is constructed will help to inform the tax impact of that estate plan’s execution and administration. Therefore, if tax impact is important to you, it is critical that you speak to your attorney about the ways in which this consequence may be relatively minimized.
Another priority for many couples is charitable giving. It can be difficult to understand how best to contribute to causes that matter to you in the context of estate planning. However, an experienced estate planning attorney should be able to guide you through your charitable giving options and should be able to explain how your charitable giving will impact the rest of your estate plan.
Source: Forbes, “Eight Common Estate Planning Objectives Of Married Couples,” Lewis Saret, May 13, 2014