Your Parents' Estate Plan

Gardner J.D., Randy; Daff J.D., Leslie; Welch, Julie
October 2011
Journal of Financial Planning;Oct2011, Vol. 24 Issue 10, p32
Academic Journal
The article discusses aspects to consider in creating or updating parents' estate plan. It notes that planning in advance would allow parents to minimize taxes, preserve their assets, and lessen unnecessary administrative burdens and costs following the death of spouse. Among the aspects to consider include funding a revocable living trust, selecting the right fiduciaries, and developing a plan for the family business and vacation home. Moreover, it offers tips on how can children advocate their parents to plan such as by discussing plans in a family meeting, suggesting third party review if parents already have estate plan, or starting the discussion with health-care directives.


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