Estate Planning Objectives for Married Couples

If you are married, estate planning has direct implications on the future of your spouse. It is important to know what your objectives are in an estate planning in order to best reach them. One of the most important things you can do in an estate planning situation is to provide for loved ones. You want to make sure that your spouse and children are provided for should you become incapacitated or pass away. While it may be difficult to think about these sobering topics, it is essential to prepare for them.

Another objective in estate planning for married couples is to minimize taxes as much as possible. This is where a skilled estate planning attorney can be of value. Oftentimes, an estate planning lawyer can show you how to distribute assets without forcing your heirs to pay exorbitant taxes to receive the money. Married couples should consider how their estate planning will affect federal estate taxes, state estate taxes, federal income taxes and state income taxes.

Another goal is to simply protect assets that are passing to heirs and surviving spouses. You will want to protect these assets from creditors as well as from future spouses should there be a divorce. For many married couples, the best way to create an estate plan is to get together with an estate planning lawyer and come up with a simple and inexpensive one. Sometimes the best way to get an inexpensive estate plan is to create one with the help of a professional.

Married couples also often want to maintain a degree of privacy when creating their estate plan and want to make sure that they have control over their assets. They need to prepare for incapacity in the future and set up for asset management. If you want more information about asset management and estate planning as a married couple, don't hesitate to find a local probate attorney using this directory. A trained professional could be very valuable to you as you continue to work through your case. Call today if you want more information!