Determine Your Estate Planning Goals
There May be Many Appropriate Reasons to Plan
The most common goal is protecting minor children in the event both parents pass away unexpectedly. However, there are many other important planning goals:
- Selecting the state law that will apply to your estate no matter where you are when you die,
- Increasing the Basis step-up for your heirs without triggering estate or gift taxes,
- Limiting law suits by litigious ex-spouses and children, and
- Planning for state inheritance, gift, and estate taxes.
No statute and almost no case law will help you determine why to explore the, Estate Planning Process. However, very accessible media, articles, tools, and other resources can help you get started. Get ready to have some tough conversations.
Resources to Help You Determine Your Goals:
Tom & Jennifer Brokaw at TedX Stanford August 3, 2012:
Terry Gross interviews Tom Brokaw on "Fresh Air" May 13, 2015:
http://www.npr.org/podcasts/381444908/fresh-air or Find on iTunes
Check Out NPR's Snap Judgment #613 "Weight of the World"
http://snapjudgment.org/podcast or Find it on iTunes
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Still Have Questions About Estate Planning Goals?
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