Planning for your estatetranslates to planning for your family.Or is it planning for your family?
Well, it really means both â€“â€œplanning for your familyâ€(i.e., ensuring your familyâ€™s well-being financially) and, more subtlyâ€œplanning for your familyâ€(i.e., ensuring your familyâ€™s well-being relationally).
You see, family infighting is avery real and present danger, even within families that are otherwise lovingand respectful. Death and the resulting inheritance are fraught with emotionaldanger. How do you plan to avoid the family feud?
Families are simply too complexto offer any silver bullet suggestions (each family is the sum total of eachfamily memberâ€™s hopes, dreams, anxieties, and often petty obsessions). However, estate planning attorneys have waysto prevent estate litigation.
Each attorney may have his orher own choice list of tactics. However, WealthManagement.compublished a list worth consideration in an article titled â€œAvoiding Family Conflicts During EstatePlanning.â€
The original article is worthreading, but here is the list of bullet points in summary:
- Overcome the Concept of Fairness
- Transfer Assets Based on a Natural Flow
- Protect Family Assets
- Make Major Decisions with Every Family Member inthe Room
- Do Not Wait for the OriginalFounder of the Family Business, or a Parent, to Pass Away
- Evaluate What You Can and Canâ€™tAfford to Transfer
- Treat Estate Planning as anOngoing Process
- Pick the Right ProfessionalAdvisor
Itâ€™s worth reading through thelist and a few more like it.
What does your family need andhow will you plan â€œfor yourfamilyâ€ to head off squabbles, infighting, or outright litigation?
For more information on this and otherestate planning subjects, contact IdahoEstate Planning and schedule aconsultation. Remember,good planning is no accident.