Family Estate Planning Tips for 2014

The start of 2014 is the perfect time to consider family Phoenix estate planning if you haven’t already, as everyone with a family should have a modern estate plan in place. Regardless of whether you have a small or large estate, your family will benefit when you set up the proper Phoenix estate planning, and the proper planning will ensure that you and your family are well prepared for the future.

Think about your beneficiaries and how you want to distribute your estate

If you haven’t done any estate planning at all, you will need to consider who you want to receive your estate in your family and how you want your estate distributed. This is one of the major considerations during the Phoenix estate planning process. Your estate will typically be distributed through a combination of your will and through revocable trusts and gifts. You need to have a careful plan as to how all of your major assets will be distributed, and you will want your assets to be received by your beneficiaries with as little stress and hassle as possible. In particular, probate court can be avoided by setting up trusts for your assets.

Reduce your estate tax liability as much as possible

Another important part of your Phoenix estate planning process is to reduce your estate tax liability as much as possible. The best way to do this is by speaking to a Phoenix estate planning professional who has the experience with the different types of taxable assets and who can advise you on how to reduce your liability in your particular situation. However, as a general rule, your estate tax burden can be reduced by focusing on leaving tax free assets such as life insurance or Roth IRAs to your beneficiaries. You should also take advantage of the $14,000 annual tax exclusion for gifts.

Talk to a Phoenix estate planning professional

Talk to a Phoenix estate planning professional for more advice on how your estate should be arranged for 2014. There are many details that need to be considered and state and federal tax laws that have to be addressed during the Phoenix estate planning process, and a Phoenix estate planning professional will be able to advise you on all of these important details and more.

Need Help?

If you are not sure as to what legal document you currently have contact one of our professionals to help you with your planning needs. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.