Estate Planning for Married Couples

Estate Planning for Married Couples

A recent Forbes Article nicely addresses common objectives of estate planning for married couples. (Article Here)  For many clients, there will be a balance between tax and non-tax objectives.

Eight Common Objectives:

1) Provide for Loved Ones – This can take many forms and can depend on the ages of the couple and of children. Many clients have come to me out of concern for their minor children and have an interest in establishing clear guardianship plans for their little ones. Loved ones can also be more broadly interpreted: For some married couples, , concern for their furry loved ones can also be their estate planning catalyst.

2) Taxes – I have yet to meet a client which is interested in paying more taxes than they otherwise could. Taxes to consider can include estate and income taxes.

3) Protect Assets – Clients may be interested in keeping a property for future generations or protecting assets for their children.

4) Simple and Cost-Effective – Complexity can undermine great planning. Putting a plan in place and helping clients develop comfort with the components is key focus for our firm.

5) Privacy – In today’s world maintaining privacy is ever critical as information can quickly escape beyond your control. Maintaining privacy and your ability to control your information is an important consideration.

6) Control – Some couples are interested in maintaining control over their assets to the greatest extent possible and provide guidelines and directions for future uses.

7) Incapacity – Individuals continue to live longer but not necessarily healthier. The possibility of incapacity, or being unable to make decisions for yourself, is an increasing possibility. Addressing this issue and detailing a plan of action is a critical, if not the most critical, part of your estate planning.

8) Managing Assets – Many individuals may want to detail how assets should be managed.

By no means is the Forbes list exhaustive. To develop the right estate planning for married couples, you should consider goals, ages, assets, and the above objectives in addition to other objectives. For example, small business owners may desire to keep their business for future generations. Other married couples may have an interest in charitable motivations. There are no rights or wrongs but simply different goals and objectives.

At Estrada-Legal, PC we believe your family is your most important asset. Contact us at 602 635-7414 to learn how we can best protect your loved ones.


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