Inheritance planning is on the one hand a legal matter as you work with a good estate planning lawyer to optimally position your assets. One thing to concern yourself with is going to be the federal estate tax, and you also have to consider the dynamic of your family and the proclivities of the recipients. Depending on the precise circumstances any number of approaches can be appropriate.
There is however another side of things to consider. Distributing liquid assets is one thing, but most people have accumulated a significant store of personal possessions throughout their lives. As you raise a family many of these possessions will hold sentimental value to your family members.
All of these items are not equal in the eyes of each respective person in the family. Is not necessarily just a matter of assessing their monetary value and distributing them accordingly.
You can go forward without concerning yourself with the emotional ramifications of your decisions and many people do. But there are also those who understand the value of sentimental items and they carefully decide how to distribute them.
One can gain a lot of personal gratification by taking the time to reminisce and pass along things with sentiments in mind. And in addition, doing this can alleviate the potential for certain disagreements taking place after you pass away with regard to possession of these items.
How you want to distribute your possessions is a personal matter, but making things happen on the legal level is the job of your attorney. If you have not yet begun planning for the future, right now would be a good time to pick up the phone to arrange for a consultation with a licensed and experienced Indianapolis estate planning lawyer.
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.