You can look at estate planning in one of two different ways. There are some people who go through life doing whatever they please without any particular objectives with regard to passing along a legacy. They just execute a last will that splits up whatever they happen to have left over among their loved ones and let the chips fall as they may.
There is no absolute right or wrong regarding how you approach your estate and you can conduct your life in any way that you choose to of course. However, in addition to the types of individuals described above there are others who have specific things that they would like to be able to do for their loved ones.
This could include providing significant inheritances to their children to make their lives easier, and many people will have specific intentions in mind with regard to taking care of their grandchildren. Others would like to include a charitable giving component when they’re planning their estates in an effort to give something back to worthy causes.
If you do have specific objectives you have to consider these when you are acting in the present. It can take some intelligent long-term planning to accumulate the resources that you need to satisfy all of your legacy goals. And in addition to this, you must stick to the plan with discipline over an extended period of time.
The sooner you get started the better. The intelligent first step is to take action to sit down and discuss your future with a licensed and experienced Indianapolis estate planning lawyer.
Paul A. Kraft, Estate Planning Attorney
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
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