The future always seems uncertain, and that will never change for any of us, even as many young children begin taking the first steps, it’s not too early to make long-term plans to ensure their financial security. Inheritance planning when children are too young to act for themselves can ensure their financial security for many years to come.
There are many different directions that a person’s belongings or estate could head after the person has passed; after probate laws and surrogate courts have their way. It makes good sense to start a dialog as soon as possible with family and friends about what their responsibilities are in carrying out your wishes, or what they stand to inherit, so that you can be better informed before drawing up official documents detailing these bequeathals. The more is discussed beforehand, the less likely there are to be surprises or disagreements over smaller potential ambiguities of Wills or related legal documents.
If nothing else, a first line of defense is creating a will so that your directives are clearly outlined. This is the simplest way to list who gets which property or other assets. Creating a legal will can be just about as simple as writing your name and stating your intentions to leave such and such to so and so, but are wills really effective in covering trickier assets?
A more important question is, If there was a way to ensure that you pay less estate tax, and therefore have more control over who gets what, would you take it? Of course you would! That’s what inheritance planning really is, particularly when it involves the use of trusts and well thought out trust administration to carry out the plan. Feel free to browse this site to learn more about inheritance planning, or call us at (317) 684-1100 to get direct guidance.
Contact us today to find out more about protecting your estate with solid estate planning designed by knowledgeable professionals with years of experience.
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.
- Updated Federal Gift and Estate Tax Figures for 2023 - January 26, 2023
- Why Estate Planning Is Important for Multi-National Couples - January 24, 2023
- When Do I Need to Update a Trust Agreement? - January 19, 2023
