Preparing your family and assets in the event of your passing is something that you should consider in your later years. Proper estate planning in Seattle will tell those who will survive you what are is most valuable to you and how they can protect it. Before you think about dividing your estate, here are 5 important reminders to think about.
It Isn’t All About Taxes
As of now, estate tax limits are at $5.25 Million for an individual and $10.5 Million for married couples. Unless your gross value does not hit this threshold, estate tax problems should not really pose a problem for you. Thus, you need not focus on how much you are going to pay once you have passed. Instead, you should focus more on how assets are going to be managed upon your absence.
Mind the Family Dynamics
It can be quite surprising how a family will not talk to each other once the patriarch or matriarch passes away. In fact, it will be in the estate planning process where you will expect that your surviving family members will argue and bicker over every asset they are about to inherit. Speak with your family first and make sure everyone shares the same objectives and sentiments when it comes to dividing your assets. Ensure that the estate plan addresses every need of the family members so that no one feels cheated or left behind once. If not, all of your work will be undone by misguided individuals.
Give the Right Direction
Ideally, giving your children and spouse all your money will get you in their good graces. However, the money will not be beneficial if does not install the core values that you aspire for them to live by. Setting the right path for money to flow is essential in estate planning as it will prevent your wealth from being used in the wrong applications. Think about this: when would you say yes or no whenever your children and partner ask for money? Put that mentality into paper to guide those who will survive you in the right direction.
Never Underestimate a Person’s Capacity to Make Mistakes
There have been countless instances when heirs have entire accounts liquidated for pursuits that the drafter of the will did not have in mind. The lull to use the inherited money in frivolous pursuits is quite strong especially if the inheritance in question is quite big. To minimize mistakes in the distribution and use of your wealth upon your passing, it is ideal that you set up guidelines on how your accounts should be used upon your passing. Set you estate in such a way that a person’s capacity to make a huge mistake is minimized.
Give Back
If you have amassed considerable wealth in your lifetime, you should really consider giving back to those institutions that have made a mark on your life. Always remember that the key to effective estate planning in Seattle lies in making people know what is important to you and should be important to them. Give a considerable portion to charitable organizations, orphanages trust funds and other institutions. This way, you will leave a mark on your community that goes beyond material wealth.
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