Most people who consider estate planning want to accomplish at least one of five specific goals. Those goals are:
1. The ability to maintain control of assets while alive. This includes investment and managerial control.
2. Access to the assets. This includes access to both the principal and the income. In short, most folks want to have the beneficial use and enjoyment of their assets.
3. Decision-making authority over how assets are to be distributed to family members and other loved ones.
4. Protection from creditors, regardless of whether the creditor is after you or the people to whom you leave your wealth.
5. Reduction of taxes upon the transfer of your wealth.
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Published In:
Wills, Trusts, & Estate Planning Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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