Knowing these objectives help both the couple and their estate planner determine what might be the best way to structure their estate plan.
Planning for one’s estate takes careful thought and consideration. By adding another person to the mix through marriage, your goals or objectives will likely change. A recent Forbes article, titled “Eight Common Estate Planning Objectives of Married Couples,” examines the most common estate planning objectives influencing the estate planning of married couples.
According to the article, the most important estate planning objective for most married couples is to provide for their family if incapacity or death should strike down one or both spouses. Another key estate planning goal of married couples is to minimize taxes. By minimizing the amount by which their assets are reduced to pay taxes, married couples will maximize the amount of assets going to their family members. This helps ensure that their loved ones are provided for upon the couple’s death.
Another objective of married couples is to keep control over their assets to the maximum extent possible. Married couples typically also prefer to give their children control of assets passing to them. In addition, in many couples, both spouses are especially skilled at managing assets. However, this also may not be the case and the non-skilled spouse may need special planning to protect them and their financial resources.
Speak with an experienced estate planning attorney to create a strategy that carries out your wishes and meets the needs of your family without the headaches.
Read more about these common estate planning objectives in the article and then talk to your estate planning attorney.