The aphorism “different strokes for different folks” is certainly one that applies to estate planning. Each and every one of our Geyer Law clients, we’ve found, has certain things that are higher on their priority list than might be for others. In fact, before even meeting with an Indiana estate planning lawyer, we suggest asking yourself exactly how important each of the following goals is to you given your unique set of circumstances and the things about which you and your loved ones might be most concerned:
- incapacity management in case of an illness or injury
- avoiding probate
- avoiding legal challenges to your estate
- avoiding federal and state taxes
- protecting a special needs individual
- protecting pets
- preventing family disputes
- providing for guardianship of children
- preferences for funeral arrangements
- charities you wish to benefit
On an even more in-depth level, are there special circumstances to be considered, such as:
- Including future adopted children
- Preserving rights of same-sex partners
- Protecting assets from an heir’s creditors
- Protecting assets from unwise influence over heirs’ decisions
- Controlling the distribution of tax-deferred assets in IRAs and 401(k) plan, given changing laws
In terms of the goal of preventing future disputes, a family conference often serves as the “ounce of prevention worth a pound of cure”. At Geyer Law, we believe that coping with sensitive panning factors for seniors dictates a “together is better” approach, in which a) all the advisors of a client work together to formulate and re-formulate the plan as needed, and b) family conferences allow the clients to openly share with loved ones their values and intentions.
Truth is, when it comes to estate planning, there’s just no such thing as “one size fits all”. Instead, the planning must be based on “how-important-is-it-to-you” thinking.
– by Cara M. Chittenden, Attorney at Rebecca W. Geyer & Associates
