Estate planning is the preparing of legal documents to carry out your testamentary intent. Estate planning does not just take into account the high net worth individual who is primarily concerned about estate taxes, but rather planning for everyone’s testamentary intent. Testamentary intent is what you want to happen when you die. Notwithstanding, the general definition estate planning can include sophisticated gifting options to reduce one’s taxable estate and avoid or diminish federal and state estate taxes.
Estate planning when a person has been married before or has children from previous marriage is a very difficult subject to undertake, but like most estate planning issues it should not be ignored. There are a multitude of reasons why a simple estate plan will not work for most second marriages. What is a Simple Estate Plan? and Why does Extra Care Need to be Taken Planning your Estate When There is a Second Marriage? A simple estate plan, which can be commonly referred to as an "I love you will" is a natural distribution wherein everything is passed from the decedent [...]