You want to stay with your family forever, but the fact is that is not possible. Aside from memories, there are other things you should be able to leave with them.
It all depends on what kind of life you imagine them to have. In fact, you might not even have to imagine it — some estate planning strategies could play out during your lifetime.
The IRS allows you to give a substantial sum over your lifetime without incurring any sort of tax penalty. If you trust your heirs and want to see the decisions they make with their inheritance with your own eyes, giving annual gifts might be an option to take advantage of market conditions, lower tax burdens and diminish the assets that could otherwise eventually go through probate.
Wills and trusts
The will is the traditional core of an estate plan. However, your will would only go into effect after death. If you want to actively build your family’s future, a trust might also be appropriate. This could allow more complex ownership structures to cultivate and share financial responsibility.
Special needs planning
Nobody wants to become a burden, especially not to the people they love the most. Advance healthcare directives, powers of attorney and other, similar instruments might help you make the toughest decisions before you are no longer in a position to do so. Establishing these safeguards might also give you the chance to discuss your wishes with your family members and set their expectations.
Even if you decide to enact a simple, straightforward plan, the goal is most likely to set the course forward for your family. That takes planning, consideration and a great deal of care.