Unique Situations

Many people distribute to their heirs evenly, but in some scenarios you may wish to create a custom plan for how you pass assets to others. You may need to help a child with special needs, or you desire to give a greater share to one person, or maybe you would like to provide funds to a church, ministry, or other non-profit. An estate plan, when created with care, can meet your goals for custom giving arrangements. 

In some situations unique family dynamics may require a different approach to an estate plan. Examples may be as follows: blended families, an estranged family member, safeguarding a spendthrift, competing interests among heirs, or even hostility among family members. Having a well thought-out estate plan can help to mitigate potential problems related to your specific family dynamic.

Many investment accounts, may they be brokerage accounts, annuities, or IRAs, oftentimes have a simple beneficiary structure for giving the accounts to heirs. However, giving other assets, such as real estate, car collections, antique firearms, coin collections, etc…may not be as straightforward. These type of assets may require extra steps to ensure these items are transferred to heirs in an efficient manner.

Owning equity in a company lends itself to several other considerations when devising your estate plan. Who will run your business in your absence? Should your business be sold? Would it go to one or more children? Consider the ownership structure and how taxes and liability may also need to be addressed as a part of your estate plan.