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Estate Planning Goals & Objectives

Copyright 2013. Purcell and Amen - Attorneys at Law, Your Estate Matters LLC www.yourestatemattes.com 2

Most people realize the need for a comprehensive estate plan, yet over

half of all Americans have yet to create one.

While there are many reasons why people put off creating an estate plan, one reason may be

that people do not realize how many different goals and objectives can be achieved with a well

drafted estate plan. Once you realize how much an estate plan can accomplish, you may finally

make the time to create one if you have yet to do so.

Distribution of Assets

The distribution of assets is the most basic

objective of any estate plan. The foundation of

most estate plans is a Last Will and Testament,

which allows you to decide who will receive

which assets upon your death. In the absence

of a Will or some other asset transfer vehicle like a trust, state intestate laws will decide who

receives your assets. In Missouri, this means that your spouse, child, parents or siblings will

likely receive all your estate assets. Friends, more distant relatives, step-relatives, or charities

will receive nothing absent gifts made in a Will.

Tax Efficiency

In the United States, just about everything is subject to taxation – even death. Although the

lifetime exclusion amount for gift and estate taxes was recently set at $5.25 million, many

taxpayers who don't consider themselves to be truly wealthy can reach, or exceed, that

amount over the course of a lifetime. Without careful estate planning, all gifts, including those

made at the time of death through your Will, could be taxed at rates as high as 40 percent.

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Probate Avoidance

Probate is the legal process by which your estate assets are

inventoried, creditors of the estate paid, and the remaining

estate assets transferred to beneficiaries or heirs. Not only

can probate be costly, but it can also take a significant amount

of time. In Missouri, the earliest that a probate case may be

closed is six months and ten days after notice of the probate

was made by publication. More complicated estates can easily

take a year or more to probate. A thorough estate plan can

minimize exposure to probate, or in some cases avoid probate

altogether.

Incapacity Planning

People often think of age related dementia

when they hear the word “incapacitated”;

however, a tragic car accident could leave

you incapacitated tomorrow. Planning for

this possibility is another important goal of

an estate plan. In Missouri, a Durable Power

of Attorney for Healthcare & Healthcare

Directive allows you to appoint an agent to

make treatment decisions for you as well as

afford you the opportunity to make advance

decisions regarding your healthcare in the

event you are unable to make them yourself

at some point in the future.

Long Term Care Planning

Currently, about 10-15 million people use

long-term care services. By 2040, estimates

are that the number of older adults who will

need long-term care will exceed 20 million.

Long term care can be very expensive,

making long-term care planning a popular

estate planning objective. The cost of a

yearly stay at a long-term care facility

currently runs about $75,000 a year. For

many, the cost can rapidly deplete a life’s

savings; however, with some forethought

and careful planning this can be avoided.

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Retirement Planning

Not surprisingly, retirement planning and estate planning

often go hand in hand. Ideally, you should work closely with

both your financial advisor and your estate planning attorney

to devise a retirement plan that will maximize your assets and

leave more for you to be able to hand down to loved ones when you die.

Asset Protection

You have likely worked hard for the assets that make up your

estate. Protecting those assets is another estate planning

goal that can be achieved with a well thought out plan. This

may mean transferring assets into a trust in anticipation of

your own long-term care needs as you age, or it could include

creating a trust that will protect assets from creditors of your beneficiaries. You may even be

able to protect beneficiaries from themselves if you have a beneficiary that does not handle

money well. All of these objectives can be achieved through your estate

plan.

Special Needs Planning

If you have a child with special needs, you are probably concerned

about providing for him or her when you are no longer here. In fact,

special needs planning may be your number one estate planning goal.

Because many state and federal assistance programs count a recipient’s

resources, you must be very careful when you gift assets to your special

needs child; however, a comprehensive estate plan can accomplish this goal without

jeopardizing your child’s much needed assistance. This, in turn, will put your mind at ease.

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Pet Protection

Even pet planning has a place among estate

planning goals and objectives. If you have a

pet that you consider part of the family, a pet

trust may be a beneficial addition to your

overall estate plan.

Charitable Gifting

Philanthropy is often an important part of

your life while alive. It is also a goal that can

be extended after your death with a

comprehensive estate plan. In fact, just as

charitable gifting provides tax benefits while

you are alive, it can provide similar benefits to

your estate after your death when properly

incorporated into your estate plan.

LGBT Planning

Members of the LGBT community have special estate planning needs because of the fact that

federal laws, and many states laws, do not recognize same-sex marriages or unions. If you are

part of a same-sex couple and you wish to provide for your partner in the event of your death,

or you wish to give your partner legal and financial authority over you and your assets, then

your estate plan is the key to doing so.

Now that you see the many diverse and fundamental goals can be achieved by creating an

estate plan you may finally make the time to sit down with an estate planning attorney and

create your plan.

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References

The Missouri Bar, Probate Law Resource Guide

BYU Marriot School, Understand the Importance of Estate Planning and the Goals of Estate

Planning

Missouri Attorney General’s Office, Durable Power of Attorney for Healthcare & Healthcare

Directive

The American Association for Long-Term Care Insurance, Long-Term Care Statistics

Estate Planning and Elder Law Attorneys in St. Louis, MO St. Louis Estate Planning Attorneys: Planning for Your Future Today

Missouri Estate Planning attorneys Purcell and Amen, Attorneys at Law – Your Estate Matters, LLC. are here to

help you with legal issues regarding St. Louis Elder Law, Veterans Aid and Assistance, Probate, Wills, Trusts,

Trust Administration, Powers of Attorney, Health Care Directives, GBLT, and all things required to establish a

proper estate plan for the future of both you and your loved ones. Our law firm understands the varying

dynamics of modern families and seeks to address these issues in the estate plan so your estate is distributed only

to those who you request, instead of those who may be otherwise legally obliged to it. Estate planning can be a

big project that requires consistent maintenance; however, our professional Estate Planning attorneys can

organize all of the legal paperwork and logistics for you, while offering helpful legal advice along the way.

Purcell and Amen, Attorneys at Law – Your Estate Matters, LLC. 10805 Sunset Office Dr., Suite #100

St. Louis, MO 63127 Phone: (314) 966-8077

www.YourEstateMattes.com

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