There are numerous benefits to having a will. You can provide for the special needs of your spouse or elderly and ailing parents. Minor or handicapped children may also have special needs addressed in a will. You can include favorite charitable organizations in your will. You can take full advantage of estate tax savings by creating trusts.
Many people assume that federal estate taxes are no longer a problem.
Substantial estate tax savings are possible when assets are placed in a properly drafted trust for the benefit of a surviving spouse. The trust will pay all of the income to the spouse, supplemented, if needed, with distributions of principal. The trust assets will not be included in the survivor's estate for estate tax purposes. There may be no better time than now to take action and begin planning your will. The University would be happy to work with you and your attorney to initiate your plans and answer any questions.