Estate Planning Secrets You Need to Be Aware Of

It’s no secret that estate planning is not the easiest thing in the world to navigate. A lot goes

into making sure the legacy you worked so hard to create is properly passed onto future

generations. In order to really protect your legacy, there are a few estate planning secrets

you need to be aware of.

Don’t disinherit your kids.

There are times when children from previous marriages miss out on the inheritance you

mean to leave them because a stepmother or stepfather end up with control off your

assets and pass them onto his or her own children. This can be avoided by using a

well-drafted living trust instead of a beneficiary designation — this way the inheritance can

only go to your child.

Protect your child’s inheritance from divorce.

Unfortunately, half the marriages in the United States end in divorce, so this is a sad reality

you have to take into account when estate planning. If your child ends up getting divorced

down the line, the inheritance you left him or her can end up in the hands of the former

spouse. This can be remedied by creating a specially designated trust that will ensure the

shares will remain in the trust’s name and the trustee will be in charge of them.

Choose a trust to avoid probate.

When your estate is planned around a will, it has to go through probate — this involves

court fees, taxes, and legal fees. When your estate is planned around a living trust, you

can avoid probate. While there are costs associated with this route, they are typically

much less than the fees associated with probate. (You may have to mention this to your

estate planning lawyers, as some don’t mention living trusts since they don’t financially

benefit them.)

At American Investment Planners LLC, we make it a priority to help you prepare for the

best financial future possible. From tax management to 529 plans, we’re here to help with

anything you may need. To schedule an appointment with one of our advisors, please call

(516) 932-5130 or email info@americaninvestmentplanners.com.

*The estate planning information contained herein is general in nature, is provided for informational

purposes only, and should not be construed as legal or tax advice. Please consult legal or tax

professionals for specific information regarding your individual situation.