What are the objectives of an estate plan?
A. Lifetime Objectives – An estate plan should provide for the best use of the owner’s assets during his or her lifetime. The estate plan should anticipate and provide for such lifetime needs as a child’s education, income for retirement, replacement of income in the event of disability, and management of the estate in the event of incapacity. These and similar objectives may be accomplished by utilizing a variety of techniques discussed in other FAQs. Asset Succession – An estate plan should provide for the transfer of assets on death in such a way that the value of the estate that is passing to the survivors is maximized and is distributed in accordance with the wishes of the deceased person and the needs of his or her family. This goal cannot be accomplished unless the estate owner’s objectives are carefully determined. Only then can a plan be individually tailored to carry out these objectives. Role of Tax Planning – Tax saving methods are employed to achieve many planning objectiv
