Planning your estate is complicated—both technically and emotionally. This is something that you only do once. How do you make sure you get it right?
To start, get educated. Learn time-tested strategies for preserving assets, reducing estate taxes, and giving money in the best way to beneficiaries.
Recently, a client asked if we could recommend some books on estate planning. We didn’t know any off the top of our heads, so Jonathan did some online sleuthing, and he found “Beyond the Grave: The Right Way and the Wrong Way of Leaving Money to Your Children (and Others),” by Jeffrey L. Condon.
We found it offers a good overview of the things to consider when developing your estate plan, touching on the key concerns you will want to be aware of as you do your planning.
Here are 7 goals the author lays out for your plan:
- Prevent Inheritance Conflicts Among Children
- Protect Inherited Money from Children’s Potential Problems
- Ensure Your Plan Will be Carried Out
- Protect Assets for the Surviving Spouse
- Reduce or Eliminate the Estate Tax
- Minimize Income Tax
- Avoid Probate
Other useful topics include:
- How much inheritance is too much inheritance?
- The 3 issues you must address to protect the surviving spouse.
- Using the Living Trust to keep children and property out of probate court.
- Can you leave your child an inheritance without disqualifying them from SSI (Social Security Disability Insurance)?
“Beyond the Grave” addresses the most critical issues you may face, and it does so in very readable fashion. It provides an opportunity to learn from others’ mistakes so you can avoid them yourself! This book is just a helpful starting place. It’s certainly not a substitute for working with an experienced estate planning attorney.
Want another recommendation to help you plan ahead?
Check out “I’m Dead, Now What?”
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