Many people realize the importance of estate planning to avoid or reduce the death tax and probate costs. The need for careful and thoughtful tax planning is even more important considering the current estate tax uncertainty. However, a well crafted estate plan should address a number of concerns aside from death tax and probate costs. These concerns include satisfying the following objectives:
• Providing both for children from a previous marriage and a second spouse.
• Providing for children with special needs.
• Protecting children with creditor, financial, or marital problems.
• Avoiding probate on property in multiple states.
• Protecting a spouse who needs help managing and investing funds.
These objectives, and others, should be addressed and satisfied in a comprehensive estate plan.
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