Laputka, Bayless, Ecker & Cohn, PC
TOLL FREE 800-582-6452
Laputka, Bayless, Ecker & Cohn, PC

LOCAL 570-861-5905
TOLL FREE 800-582-6452

Trusted Attorneys in Hazleton,
Serving All Northeastern Pennsylvania Communities

Adding asset preservation to your estate plan

| Oct 23, 2020 | Estate Planning |

You work hard for the assets you have. Preparing a will can minimize probate costs and ensure the beneficiaries of your choice receive your assets according to your wishes. However, with a few more steps, you can take actions that allows you to enhance your estate plan, preserve your wealth and leave a legacy for future generations.

According to Kiplinger, advanced estate planning includes methods to preserve assets from fees — such as excessive taxation — and make some of your wealth available for charitable donations.

Planning for end of life

When was the last time you reviewed your will? Do you have advanced directives in place? Have you moved since you created your estate plan? Reviewing your end-of-life documents and updating your estate plan every five years or after significant events, such as marriage, divorce, death and additions to your family, can ensure that your plan continues to meet your needs if the unexpected happens.

If you made arrangements for your children’s guardianship when they were young but they have little ones of their own now, it’s time for an update. Each state has income tax and estate laws, as well as exemption amounts. Review your estate plan if you have retired and relocated from the state in which you created it.

Fulfilling philanthropic goals

If you enjoy volunteer work, participate in pro bono activities or donate to charities, you can continue to give back to the community after your passing. When you include charitable giving in your estate plan, you can take advantage of many of the same benefits you enjoyed during your life. Bundling gifts together, donating investments or creating a Donor Advised Fund may be among the options you consider when legacy planning.