Drafting and Updating Estate Plans

Minimizing state and federal estate, gift, income and capital gains taxes is the tail that wags the dog in estate planning.

You must take these considerations into account - but not at the expense of your primary legacy wishes.

• Legacy Wishes: Meaning to whom and under what conditions your property will be inherited by your heirs, loved ones and the objects of your philanthropic and charitable interests.

Both life and the law change over time, sometimes dramatically, so it's important to make regular updates to your estate plan, not just at birth, death, or serious illness/injury. Legal changes can happen without much notice. If timely action is taken by using the tools discussed below regarding legacy wishes and special needs, the adverse impacts of these changes may be minimized, if not avoided entirely.

Ultimately, estate planning tools are effective when used to minimize state and federal estate, gift, income and capital gains taxes, as well as to carry out your primary legacy wishes to protect your heirs and loved ones.

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