The estate tax exemption is currently set at multiple million per person. While conventional planning techniques, at a very basic level, can cover you from a tax perspective, they might not address the family conflicts, and in particular, one of the leading mistakes that people make when looking ahead to their future is in appointing the smartest or perceived brightest child to oversee your estate.
This could end up being a mistake, however, if you are not careful. While conventional planning opportunities can help assist with tax problems, they might not go far enough to address family dynamics that will long outlast your savings and you.
This is why it is important to have an estate planning attorney who is knowledgeable about possible issues of family conflict and one who can help you avoid these challenges and to successfully navigate a plan that looks into the best interests of you as well as your individual family members. The support of a lawyer is instrumental in outlining what is in your best interests and how to minimize the potential for conflicts and legal issues down the line.