Does Your Estate Plan Call for More Than Just a Will?

Everyone needs a will, but some people need more than that. To save on taxes and make for a smooth transition, they could really use a revocable trust, a family limited partnership or a gift trust.

A woman takes a family photo of a large family group on a sunny day.
(Image credit: Getty Images)

Estate planning is not a one-size-fits-all proposition. The strategies used by young couples just starting their careers and families will not work for seniors with significant assets and multiple generations to consider. How individuals approach these decisions must be governed by their unique circumstances, as well as their ultimate goals.

Regardless of income, assets, or family circumstances, everyone wants to minimize taxes and ensure a smooth transfer of assets when the time comes to distribute their estates. These are the top strategies I recommend people consider when making estate plans.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Jack R. Hales Jr., J.D.
Founder and Partner, Hales & Sellers PLLC

Jack Hales is a founding partner at Hales & Sellers PLLC and is board-certified in Estate Planning and Probate Law. Hales primarily focuses on areas of estate planning and probate, including representation of executors, fiduciaries and beneficiaries in uncontested and contested estate and trust matters.