Setting up an estate plan can be a stressful task for many people that are living busy lives. Planning for death can be a morbid topic and people will often procrastinate on making important decisions. It is very important to have a change in perspective on the issue of estate planning. Clients should keep their families informed on what their intentions are. Keeping family members involved in the estate planning process can minimize the risk of bitter probate disputes breaking out between loved ones as a later date. A person should consider gifting more assets while they are alive to simplify their estate and see how certain beneficiaries manage their assets. It is also a good idea to keep informed about the tax bracket that a beneficiary might be in when planning distributions.
See Brian Vnak, How to take the stress out of estate planning, Market Watch, September 2, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
