18 Recommendations for Minimizing Inheritance Conflict
You worked hard to build your nest egg. You saved, invested wisely and were careful to manage the myriad of risks that threatened your life’s savings. Having invested so much time, effort and sacrifice into getting where you are, it only makes sense that you would like to pass your life’s work on to your loved ones with the least amount of tax and government interference.
There are well-established tools to ensure that your financial legacy reaches the intended recipients. Wills, revocable trusts, irrevocable trusts, family limited partnerships (and LLCs), private foundations, and an alphabet soup of strategies—like GRITs, GRATs, CRUTs, CRTs, and QPRTs, to name a few—make estate transition efficient and tax free for all but the truly wealthy, and therefore are an indispensable part of a secure financial plan.
In this article
- Your Most Valuable Asset
- Anticipating and Avoiding Conflict
- Actions That Can Reduce Conflict
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Your Most Valuable Asset
But this article is not about current estate-planning strategies. Although an important subject, and one that occupies the estate planning community and the clients we serve, I want to talk about your most valuable and enduring asset, the asset that for better or worse survives you and impacts generations to come: family.
Family is truly the gift that keeps on giving. The family dynamic that you had a hand in creating will survive you, impacting your children and grandchildren. Although many of the events that went into forming your family as it now exists have already occurred, your family is not set in stone. How you live your life from this point forward and how you structure your estate at death are new opportunities to reinforce the healthy aspects of your family, correct past wrongs, and leave a lasting legacy of fairness, compassion and love.
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