Looking to work on your estate plan? It always helps to have an idea of what it is you would like to accomplish with your estate plan before you head into to your elder law attorney’s office. It helps to drive the conversation as well as provide a direction for your estate plan to proceed in. Here are some things you should write down or think about before you start working with your elder law attorney on your estate plan.

Figure Out a Spending Plan

The first thing you should do is figure out just what of your assets are going to cover specific expenses. This could mean things like college tuition to children or grandchildren, funeral expenses or anything that has a specific purpose. Be prepared to discuss the options of a trust with your elder law attorney which is a great way to provide money or assets for specific things.

Decide on a Beneficiary

One of the most important parts of your estate plan is deciding who your beneficiaries are going to be and what they are going to get. You can be as detailed as you like when it comes to this, but, generally speaking, you only need to specify things that have intrinsic value to them like your diamond earrings or a vintage car.

Make sure to come up with a plan for all of your monetary assets as well. This could include insurance policies or retirement accounts that are not used. You may need to make different arrangements for each of those specific things, but your elder law attorney will be able to assist you with any specifics that need to be addressed.

Think About Minimizing Taxes

Take a look at the amounts your beneficiaries are going to be receiving. If the amounts are large enough that they have to pay inheritance or income taxes you may want to think about mentioning this to your elder law attorney.

There are strategies that you can employ that can help you minimize the amount of tax burden your estate and beneficiaries have to pay. This keeps more of your assets in the hands of your loved ones than donating them to the government.

Take Advantage of Life Insurance

There are ways to have life insurance work for you to offset tax burden. Life insurance is typically granted to beneficiaries tax free. This means that if your tax burden ends up being $200,000 you could offset this tax with a policy that would cover that amount.

This would allow you to grant the assets that you wish to your beneficiaries without having to worry about the taxes that will be deducted.

Contact Elder Law Attorneys to Help

Once you have your plan ready you should contact the elder law attorneys at Stano Law Group. Our expert staff can get you started with your estate plan and have suggestions to ensure it is the best option for you and your beneficiaries.