Estate Planning is a Gift to the Whole Family


We often talk about your estate plan. Have you started one? When was the last time you updated it? Is it accomplishing your goals?

This might imply, on the surface, that estate planning is about you and only you, but in the season of giving, we want to make one thing clear: estate planning is a gift to the whole family. Your plan is a wealth machine that serves your interests but also involves a number of elements that support the entire family.

You can’t wrap your estate plan under the tree and give it to the kids every year, so how exactly is your plan a gift to everyone?

Estate Planning Creates an Inheritance Plan

One of the biggest goals of any estate plan is to dictate who gets what when you pass away (or at a specific point in time, in the case of a trust). You might not be handing over the keys to the house or car today (more on why that might be a bad idea in a moment), but you are aligning the necessary legal documents to do that in the future.

Your plan satisfies the financial needs of heirs and beneficiaries which creates significant growth opportunities for everyone involved. This might not be an easy sell during the holiday season, but everyone will be thankful for a well-crafted plan when the time is right.

Saving Significant Money on Gifting

As mentioned above, you’re not handing over the keys to the house or car today – but that’s for the best. Your estate plan is an opportunity to move assets to heirs and beneficiaries without triggering significant tax and financial consequences immediately.

You and your loved ones are able to save thousands through simple and effective planning that properly transfers assets either at the time of your death or spread out over time to take advantage of yearly gifting limits. The gifting limit in 2023 is $17,000 per recipient.

Building Generational Wealth

Estate planning is one of the surest ways to bridge the gap in generational wealth building. Some families and communities have been left out of a historic transfer of wealth, but your plan is one element of getting in on the game.

Effective planning allows you to preserve a legacy of hard work and wealth for the next generation, giving them a headstart on building a meaningful and profitable family empire that sustains your name and your legacy for generations to come.

Peace on Earth (For the Family)

First of all, sorry if we immediately got this classic stuck in your head. Bowie and Bing Crosby aside, peace on earth is truly achievable with your estate plan.

Elements like conservatorships, guardianships, and power of attorney designations allow you to plan for the worst and provide additional assistance to the loved ones who need it most. Peace of mind should be one of the biggest priorities of your plan so you’re all ready when things go wrong.

How is Estate Planning a Gift to Your Family This Holiday Season?

When you’re together with family this holiday season, it’s the perfect time to talk about estate planning. Talk about who is willing, able, and responsible enough to handle certain responsibilities and roles within your estate plan. Be transparent about who is getting what when the time is right so your family doesn’t end up with a morbid scavenger hunt down the line or an ugly probate case.

At Elder Advisors Law, we work closely with families in Wisconsin to ensure estate plans are crafted with the whole family in mind. Contact our team to build the greatest gift you can give this holiday season.

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Elder Advisors Law

As Leaders in Estate Planning and Elder Law, we are passionate about helping families protect their hard-earned assets from the government, nursing homes, lawsuits or other predators.