October, 2002 Tax Tip
Ten Important Non-Tax Estate Planning Benefits
Estate planning is not done only to save taxes. There are many non-tax reasons to do estate planning, all of which will remain important even if Congress eliminates or reduces estate taxes. The following is a list of some of the non-tax benefits of doing estate planning.
1. Deciding who will act as guardian of your minor children.
2. Deciding who will inherit your assets when you die.
3. Deciding who will control your assets when you die.
4. Deciding the ages at which your beneficiaries will receive the assets.
5. Setting up trusts for the benefit of beneficiaries.
6. Protecting beneficiaries from their creditors with respect to inherited assets.
7. Coordinating the distributions of life insurance proceeds and retirement plan and IRA distributions with distributions under your living trust.
8. Naming someone to make health care decisions for you if you cannot make them for yourself.
9. Deciding who will act on your behalf if you become incapacitated .
10. Deciding how to provide for people who may have special needs; for example, parents or persons who have specific medical or physical disabilities.
It is very likely that one or more of these benefits is important to your estate plan. If so, please contact me and I will be happy to refer you to an attorney in your area who specializes in estate planning.
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