The Most Common Estate Planning Needs for Couples

 Posted on May 20, 2014 in Estate Planning

The practice of estate planning is a prudent decision at any age or stage of life, but many people consider beginning that process when they start a family. There are several common goals that couples tend to have with regard to the estate planning process.

The first goal is to provide for their loved ones and family members. If both spouses pass away or become otherwise incapacitated, an estate plan can outline the plans for how loved ones are protected. Whether it is minor children, other relatives, or even pets, all of these individuals can be protected with the proper estate planning tools.

As a secondary goal, many couples want to minimize taxes while protecting assets. These two work together, since strategies that reduce taxes ultimately protect assets and meet the first goal of providing for loved ones. Some of the taxes that might influence a couple's assets include state estate taxes, federal income taxes, and federal estate taxes. Many couples enjoy feeling an increased sense of control over their own estates and as well as the plans that can be achieved by working with an experienced attorney.

If the estate is larger, it is also common to want some level of privacy. This is where trusts come in. There are a wide variety of trusts that couples or families may use to achieve their financial goals while maintaining control and privacy over their own financial issues. Lastly, one final goal for the estate planning process is to discuss incapacity. This has many different facets, such as a living will or a power of attorney.

Couples should discuss these kinds of medical and legal questions with one another, but it is equally important to document them. In the event of an incapacitated spouse, written documents serve to back up the wishes of the impacted individual. To learn more about meeting your estate planning goals contact an Illinois estate planning attorney today.