Crucial Considerations During Estate Planning

As you and a qualified attorney are drafting estate planning documents, be sure to consider the following and express to your attorney exactly how you want your assets to be distributed after your death.

• Flexibility: Think about how easily you will be able to modify your estate planning documents.  Also consider how much flexibility you are giving your beneficiaries through your will or trusts.  For example, think about whether you are putting age restrictions on beneficiaries of a trust or if you want to put stipulations on how the funds can be used.
• Special Provisions: If wish to leave someone with special needs an inheritance, consider how that money could affect their public benefits eligibility and discuss with your estate planning attorney whether you could leave assets to their special needs trust.
• Titling Assets: When doing tax planning, discuss with an attorney how you and your spouse should title your assets such as real estate to ensure you are utilizing available tax exemptions.

To speak with and experienced estate planning attorney or  Board Certified Tax Attorney Fredric Jacobs, Esq., call our office at (941) 906-1231.