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Family Financial Well-being

The two things certain in this world are death and taxes. Although death is a certainty for us all, we don't want to think about it. Therefore, one aspect of financial management that is often overlooked is estate planning. Failure to carefully plan for this eventuality may result in an inability to achieve your objectives. In estate planning, objectives vary from family to family, due to differences in resources, number of children, and value judgments. Common objectives listed by families include one or more of the following:

To provide sufficient income to parents for the rest of their lives
To reduce state and federal estate and gift taxes
To reduce attorney fees, probate costs, and other fees
To reduce income taxes
To minimize disruption during estate settlement
To treat all children equitably, not necessarily equally
To provide for special needs of some heirs
To inform heirs what to expect, so they can make plans accordingly

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