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Tips for Estate Planning with your Parents

December 11, 2015

Filed under: Estate Planning — Neel Shah @ 9:15 am

 Parents should have a plan to avoid court intervention at the time of death. Minimizing costs while maximizing assets should be a primary goal of this and you may also be able to accomplish providing for financial and healthcare decisions. In many cases, most parents did not wish to have their estate go through the process of probate but by the time their loved ones face it, it is too late to have alternative plans in place.shutterstock_184815692

Have needed documentation such as creating and funding a revocable living trust if this is beneficial to your situation. Another goal of estate planning parents should be to create flexibility in tax decisions like signing a fiduciary to react to current tax laws as necessary.

Determine the conditions necessary for defining incapacity. Hire the right fiduciaries, clearly detail both final wishes and the distribution of personal effects. Initiating a dialog with your parents by focusing on healthcare helps to avoid all of discussion of assets and allows the door to be pushed open. This sets the groundwork for future progress.            

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