During the past year many of my clients have asked me questions about Estate Planning. Regardless of your level of wealth, estate planning is a vital part of your overall financial plan, and your real estate investments should certainly be factored in.

Planning ahead can give you greater control and privacy, as well as an opportunity to leave more of your legacy to your loved ones. Although estate planning can be a complex task, not having a plan is far more complex (not to mention expensive) for those you leave behind.

Before you begin to take action on your estate plan, it's important to understand the key topics that may arise as you address your specific needs. Speaking with a financial planner, tax advisor, and/or estate planning attorney will help you understand the big picture.

Working with an attorney or tax advisor

It's important to work with an attorney and possibly a tax advisor on your estate plan.
You'll make the decisions, but your attorney and tax advisor can help you think through and understand the sometimes complex implications of each option. They will also help you communicate your wishes clearly, avoid mistakes, minimize taxes, and adjust your plans as time goes by or your circumstances change. An attorney or tax advisor can be well worth the cost because significant savings can result from thorough, informed planning.

Maximizing what you leave behind

This will be a key theme throughout your estate planning efforts. It's important to get legal or tax advice and think through how each asset will pass to your beneficiaries, as well as your estate as a whole. The best options may vary by the asset type, asset size, your age, or many other factors.

You'll want to be thoroughly informed on what actions you can take or plan now to make sure as little as possible is lost to taxes, court fees, and other expenses.

In the near future I will be hosting a get together focused on estate planning. The event will be held at the Shorewood office and will feature a speaker, Q&A session, and light refreshments. I'll be sending you an invitation in the next several weeks.

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