A popular topic among Baby Boomers is their retirement plans. But there’s an equally important topic that people are less inclined to discuss – estate planning. Now that estate and gift taxes have been reunified – at least for 2011 and 2012, estate planning should often include gift planning.
Few people want to think about estate planning because it reminds them of their mortality. It’s easier simply to ignore the inevitable and put off planning until some indefinite future. Perhaps some believe their procrastination has paid off. With recent estate tax changes, their question may be, “Is estate planning still necessary?”
Estate planning encompasses more than the distribution of your assets. It covers important issues, such as who will take care of your children, who you can depend on to handle your medical and financial affairs, and how you can minimize or possibly avoid estate taxes. A good estate plan will answer all these questions.
The degree of estate planning you need depends on your age, your financial situation, your life expectancy and other nonfinancial issues. But anyone with children or significant assets should begin developing an estate plan right away.
It’s not a question of whether you need estate planning – it’s how much planning your estate needs. Contact our office for assistance on these and other matters.