Three purposes of estate planning: 1) Make sure your minor children and your stuff and money goes where you want it to when you die.1. A few days ago, I had posted a trust related question and received several answers.
2. In addition to "legal answers", I wanted common sense answers. A friend suggested that I might get this, if I framed my question differently--hence this post. If this post/my details are not clear/complete enough, I will add/modify.
3. What are people doing for their estate planning needs?
[ 4. Here are some of my details, in case this may be of interest:
a. Two kids in their later 30s--good relationship among all of us. Both married. Thankfully, no special needs or spendthrift situations.
b. Currently live in North Carolina. Moved from Indiana three years ago.
c. Our combined estate is NOT taxable from the estate tax point of view. ]
Thanks.
2) Avoid probate (not always important, my parents have chosen to just have their estate go through it lucky me as the executor))
3) Minimize estate, inheritance, and income taxes.
Sounds like you don't need # 3. So you can probably get by with a will +/- a revocable trust if you want to try to avoid probate. Most people in your situation just have an "i love you" will that says everything goes to the surviving spouse then when that spouse dies it gets split evenly between the kids. Easy peasy.
Our estate plan looks very different (much more complex), but we also expect an estate tax problem and will be leaving a great deal to charity. Not sure how talking about our plan would be helpful to you though as you're in a different situation.
Statistics: Posted by White Coat Investor — Sat Aug 17, 2024 4:43 pm — Replies 1 — Views 70