Exploring Advanced Estate Planning Strategies and Tools

Preparing an estate plan is important regardless of your age, health, financial condition and family circumstances. While we all hope that nothing bad will happen unexpectedly, we cannot predict the future. But, we can plan for it.

Estate planning serves several important purposes. Beyond deciding “who gets what” when you die, preparing an estate plan also allows you to plan ahead for various other possibilities and eventualities. There are several estate planning strategies and tools available; and, by taking a personalized approach, you can develop a custom-tailored estate plan that meets your needs while also providing the flexibility you need to make changes in the future.

So, what strategies and tools should you use when developing your estate plan? Recognizing that everyone’s needs are different, here are some examples of the more common advanced state planning strategies and tools:

Advanced Healthcare Planning

There are several tools that are commonly used for healthcare planning; and, in many states, standardized forms are available online. But, what is best for someone else isn’t necessarily what is best for you. We use a variety of advanced healthcare planning tools and strategies to ensure that our clients and their families are fully prepared should our clients need someone else to make care-related decisions on their behalf.  

Asset Protection Strategies

For high-net-worth individuals and couples, estate planning and asset protection go hand-in-hand. However, many of the most commonly used estate planning tools lack adequate asset protection features. When we represent high-net-worth clients, we work closely with our clients to understand their needs and priorities, and then we develop advanced strategies that simultaneously serve their estate planning and asset protection goals.

Donor Advised Funds

A donor advised fund is a unique estate planning tool that allows the donor to fund a charitable cause while advising on how the donor’s funds should be used. Using a donor advised fund affords all of the tax benefits of making a charitable donation while also affording the opportunity for you and your family to play an active role in developing a lasting legacy.

Special-Purpose Irrevocable Trusts

While revocable trusts are common estate planning tools, irrevocable trusts are less often used. However, irrevocable trusts can serve a variety of purposes, and developing a special-purpose irrevocable trust can provide access to tax savings, government benefits (i.e., Medicaid eligibility) and other advantages—and it is an advanced strategy worth considering in many cases.

Private Foundations

Establishing a private foundation is another advanced estate planning strategy for leaving a lasting legacy. If you are passionate about a cause and want to make sure that your wealth contributes to advancing this cause for generations to come, establishing a private foundation could be the first step in the process.

Schedule an Initial Consultation with an Estate Planning Lawyer at Rendigs

Do you have questions about the advanced strategies and tools you can use to build a custom-tailored estate plan? If so, we invite you to get in touch. To schedule an initial consultation with an estate planning lawyer at Rendigs, please call 513-381-9200 or inquire online today.