If those who have earned great wealth want to protect that fortune for present and future generations, they must take into account a number of circumstances. The most obvious example is how money can be lost due to estate taxes. Estate taxes may be difficult, if not impossible, to eliminate above a certain amount of wealth.

Make sure to pick estate planning specialists with the appropriate credentials right off the get. If you live in a state that taxes the wealth of an estate at death, they should have a thorough understanding of the most recent estate tax rules, both federal and state. They should also be quite knowledgeable about the precise legal standards and the calculations that go along with them.

Making sure that your estate plan effectively provides for the financial and economic needs of your family and heirs is equally vital as generally limiting the impact of estate taxation.

Basically, “who will get what, and when will they get it?” is of paramount interest. For instance, you might need to support a child who is disabled, you might not want to leave a sizable sum of money to a child who is 12, or you might have kids from different marriages who come from different financial backgrounds. As you can see, families can experience a wide range of challenging circumstances.

There are several options that need to be discussed and assessed, but there are also numerous doable strategies for achieving particular objectives. Gifting, trusts, charitable bequests, and life insurance are all alternatives that may allow you to influence how things are resolved once you are no longer there to make the decisions.

You should be aware that any time there is a major change in personal circumstances, a strong estate plan will need to be revisited. A yearly estate planning review is not uncommon to ensure that nothing important has changed. You’ll be able to tell that you did a good job of looking out for your heirs and family.