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The New Trend of Spiritual Estate Planning

Posted on in Estate Planning

Estate planning allows people to arrange the distribution of their assets upon their death.  In these situations, there are often many people clamoring for ways to hold on to their departed loved one.  Rather than allow unclear desires cloud a legacy, estate planning intends to honor last wishes.  It also attempts to avoid any taxes which could decrease the assets held for dispersal to loved ones.

There is a new trend in estate planning, which has been especially popular with baby boomers.  It is termed "spiritual estate planning" because it is based on a system of values that the planner wants to leave behind.  An example of enduring values is leaving money to charity, which is up almost 20% from last year.  These statistics have been collected by Charity Navigator, who monitors charitable donations.

Another example of this kind of estate planning is about how people are leaving or not leaving estates to family members.  This can include second or third families if sons or daughters have remarried numerous times.  Some people can choose to leave their estate to one child while cutting another child out of the estate altogether.

Trusts can also control how and when beneficiaries receive their portion of an estate.  They allow the estate to be divided among loved ones with directives.  If the beneficiaries are dependent children, the estate can be held for them until they are of age to use it properly.  If you have special terms for your last wishes or you are interested in setting up a trust, you should speak to an attorney who can use tax laws to maximize your legacy.  Contact an experienced estate planning lawyer in DuPage County today and start protecting the future of your loved ones.

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