A lot of folks think that only the really wealthy can afford or should have an integrated and coordinated tax reduction plan that triggers upon their demise. That is incorrect. There are a number of practical steps that YOU can take now to save your heirs time and money later. To begin with, certain retirement benefits, such as IRAs, can be stretched out for years by listing all the appropriate beneficiaries, thereby avoiding probate costs and complexity. You should make sure all your retirement payouts take full advantage of such provisions.
You should also officially nominate a “friendly,” but capable executor in your Will who can avoid expensive attorney fees created by legal disputes. We use the term officially because you want to make sure the nomination is created with the appropriate legal documentation, so there are no legal disputes later.
Lastly, but not least importantly, you can deploy inexpensive trusts to fulfill your wishes and to reduce certain death taxes while also keeping your money in your blood line and keeping your affairs private.