It is a good idea for everyone to have an estate plan, but there are some circumstances when estate planning is extremely important. Creating a will is the most important basic thing that everyone should do, but having a good estate plan goes further than just creating a will. This article discusses eight key questions that a person should consider when creating an estate plan that is right for their situation. A person will need to consider the number of children that they have and what state that they are domiciled in. They will need to think about whether they want to take stretch distributions from an IRA account over their lifetime. There are probate and privacy concerns that people will need to evaluate. They will need to think about what stage of life they are in and the goals that they want to accomplish.
See Do You Need An Estate Plan?, Forbes, January 14, 2016.
Special thanks to Jim Hillhouse for bringing this article to my attention.
