Objectives of Estate Planning

November 9th, 2007 | Posted in Estate Planning

When you go to an estate planner you need to think about what it is that you really want this estate plan to say about you.Choosing the right estate planner is vital to this process. When you first meet with a potential estate planner, ask him what he thinks his job description is where you are concerned. If he says, “To save you as much in taxes as I can” keep looking. This isn’t the planner for you.

 The Mayo clinic says that the real end-of-life questions are:

• What is the meaning of life?
• Did I make a difference in the world?
• What is my legacy to my family?

When you approach making your estate plan with these questions uppermost in your mind, you will make the estate plan that is right for you.

Tip: Avoid lawyers and estate planners who define estate planning as saving taxes. Look for a professional who is not only technically proficient, but who also understands the human nature of estate planning and will consider your life wishes before tax saving strategies.

The estate planner you choose needs to be able to focus on your goals. It is certainly the responsibility of an estate planner to discuss tax effects of decisions we make, but their first duty is to understand what our desires are and then guide us to the best decisions to achieve our goals with the tax repercussions a distant second. Taxes are too often the overriding factor in planning and we want planners who focus on our legacies.

Our estate plans are what will be left for our heirs…and our heirs are our families and friends. We want them to remember who we were and what we thought was most important… not by how much we paid or avoided in taxes.

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