If an IRA account represents a significant asset, you may want your child to receive it with as few penalties and as many protections as possible when you pass. Estate taxes and income taxes can take a chunk out of an inherited IRA, and if your child has debt issues, an inherited IRA does not have protection from creditors like a traditional IRA does.
A successful business person in Colorado will typically want to pass on wealth to family members. Concerns about the abilities of heirs to run the business, however, could cause someone to look for alternatives to an outright handover of a business upon death. Careful succession planning might assign the management of a business to professionals or key employees. This approach may leave the business in capable hands so that it can continue generating revenue. The management of profits and distribution to heirs could also be placed in the hands of a competent individual or organization.
When people in Ohio think about the future, deciding how to divvy up assets during an estate plan can be an emotionally challenging experience. It might be difficult to determine what kind of asset division makes for a fair distribution, and thoughts of avoiding future conflict among family members can weigh heavily on a person developing a plan. While fairness is a common goal during the estate planning process, it may be defined differently by different people.
Estate planning attorneys in Colorado often find that prospective clients have misconceptions about what an estate plan is or what it entails. Often, the confusion comes from either over-thinking the estate plan or under-thinking it.
Colorado residents who have loved ones with special needs might worry about how they might be cared for during their lives. It is possible for people to establish special needs trusts to benefit their loved ones.