What is a typical estate plan for a family with minor children?
For a family with minor children, a typical estate plan may include the drafting of Wills for both parents which provide for the appointment of a guardian for your children, the creation of a trust for the benefit of the children if something were to happen to both parents, and the execution of durable and health care powers of attorney for both spouses. It is also important to review beneficiary designations on qualified and non-qualified retirement plans and discuss possible roll over options into IRAs. If the family wants to limit the costs, expense and time involved with probate while maintaining control over their property, a revocable trust is a good option to consider. Tax planning should also be considered to limit potential gift and estate taxes. Such planning may include lifetime gifting, the purchase of life insurance, and the formation of one or more trusts.
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