{"id":424,"date":"2021-02-23T06:00:00","date_gmt":"2021-02-23T06:00:00","guid":{"rendered":"http:\/\/kvfischerlaw.com\/?p=424"},"modified":"2021-02-18T14:28:36","modified_gmt":"2021-02-18T14:28:36","slug":"estate-planning-goals-to-consider","status":"publish","type":"post","link":"https:\/\/kvfischerlaw.com\/?p=424","title":{"rendered":"Estate Planning Goals to Consider"},"content":{"rendered":"\n

Estate Planning Goals to Consider<\/strong><\/p>\n\n\n\n

We know the time to plan your estate in now<\/a>. This article provides an overview of goals for your consideration. Once you identify your goals, you can move confidently in the direction of an estate plan that fits your wishes and circumstances.<\/p>\n\n\n\n

Your Property<\/strong><\/h4>\n\n\n\n
<\/div><\/div><\/div>\n\n\n\n

There are multiple ways you can leave your property. Your decision may depend on the size of your estate. <\/p>\n\n\n\n

For those who are not wealthy, you may want to use a simple will, living trust, or both. Other means to transfer property include beneficiary designations, transfer-on-death accounts, or co-ownership. <\/p>\n\n\n\n

If your estate is large, you may want to consider leaving property to your beneficiaries in ongoing more complicated trusts. Regardless of how you decide to leave your property, a plan is best. Without a plan, state law determines who gets what if you die. That is not a decision I would want to leave to the state.<\/p>\n\n\n\n

Taking care of Young Children<\/strong><\/h4>\n\n\n\n
<\/div><\/div><\/div>\n\n\n\n

Do you have young children? If you do, you\u2019ll want to ensure that they are well cared for in the event you die before they reach adulthood. You can appoint guardians you know and trust to raise them and conservators\/managers to take care of their inheritance in your will. Of course, the guardian and conservator can be the same individual. To ensure that your children are provided for financially after you are gone, you may want to purchase life insurance.<\/p>\n\n\n\n

A Plan for Incapacity<\/strong><\/h4>\n\n\n\n
<\/div><\/div><\/div>\n\n\n\n

Estate planning also includes preparation in the event you are not able to make financial or medical decisions. <\/p>\n\n\n\n

A Power of Attorney is used to appoint a trusted individual to make financial decisions on your behalf. <\/p>\n\n\n\n

When it comes to medical decisions, there is the Advanced Directive for Medical\/Surgical Treatment also referred to as the Living Will, and the Medical Durable Power of Attorney. The preparation of these documents can free your family from a great deal of heartache.<\/p>\n\n\n\n

Reducing Taxes<\/strong><\/h4>\n\n\n\n

Reducing taxes is always important. Although estate taxes only hit the wealthy at this time, the current laws are due to sunset and what happens with the new administration is unknown. If you plan appropriately, your estate plan can reduce your tax liability.<\/p>\n\n\n\n

Avoiding Probate<\/strong><\/h4>\n\n\n\n
<\/div><\/div><\/div>\n\n\n\n

Probate is a process run by the courts to settle an estate. Often it is time-consuming and expensive. Rarely does it benefit the beneficiaries. With some planning, probate can be avoided. Some methods to avoid probate include trusts, joint tenancy, and transfer-on-death accounts to name a few.<\/p>\n\n\n\n

This may sound overwhelming, but for a majority of people, a simple estate plan may be all that is needed. An estate plan that ensures the protection of your legacy and loved ones will provide you with peace of mind. If you reside in Colorado or Florida, feel free to reach out to me — I\u2019m here for you.<\/p>\n\n\n\n

\u00a9 2021 Karen Van Den Heuvel Fischer<\/p>\n","protected":false},"excerpt":{"rendered":"

Estate Planning Goals to Consider We know the time to plan your estate in now. This article provides an overview of goals for your consideration. Once you identify your goals, you can move confidently in the direction of an estate plan that fits your wishes and circumstances. Your Property There are multiple ways you can leave your property. Your decision […]<\/p>\n","protected":false},"author":1,"featured_media":437,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[4],"tags":[36,35,34,20,33,32,13,24,10,14,28],"class_list":["post-424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estate-planning","tag-avoid-probate","tag-children","tag-conservators","tag-estate-planning","tag-guardians","tag-incapacity","tag-living-will","tag-medical-durable-power-of-attorney","tag-power-of-attorney","tag-probate","tag-taxes"],"gutentor_comment":0,"yoast_head":"\nEstate Planning Goals to Consider - The Law Firm of Karen VDH Fischer LLC<\/title>\n<meta name=\"description\" content=\"Once you identify your goals, you can move confidently in the direction of an estate plan that fits your wishes and circumstances.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kvfischerlaw.com\/?p=424\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Estate Planning Goals to Consider - 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