In any case, it is worth the effort to get a good start on the process while there are options. Work on easing transition concerns with powers of attorney, living trusts and basic family organization programs. If your estate exceeds threshold amounts for taxes, then more advanced planning alternatives must be used to protect the estate from taxation. Even if taxes are not your primary consideration, the issue of control is an important one. If you don t watch out, you can set up a situation where a child never has the pleasure of bringing home a paycheck.
Many families are justifiably concerned about unearned money creating problems.
They do not want an inheritance to be a disincentive for their children s economic independence. A written family financial philosophy is recommended to help heirs and planners understand the whys of the planning process. This important area needs to be dealt with successfully or family conflict is a natural outcome. The IRS can be eliminated from your estate if you make the decision to utilize specialized planning techniques. Zero estate tax planning is not all that hard to accomplish if you make the effort early in the process and stay on top of the problem.