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June 27, 2022

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Non-Tax Reasons For Creating an Estate Plan

For most individuals  - about 99.9% - estate taxes are no longer a concern thanks to the recent "fiscal cliff" legislation. However, that does not mean that estate planning is no longer necessary. The non-tax reasons for creating an estate plan, such as to nominate a guardian and conservator for minor children, to prevent the necessity of a guardianship or conservatorship for you in the event of an incapacity, to ensure that your assets are distributed according to your wishes after your death, and to avoid the need for a probate estate, are often more important than the tax reasons for creating an estate plan. It is time to get "back to the basics" with estate planning!

© 2022 Varnum LLPNational Law Review, Volume III, Number 78
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About this Author

Christopher J. Caldwell, Estate planning lawyer, Varnum
Partner

Chris is a partner and leads Varnum's Estate Planning team. Chris is acutely aware that advising clients on estate planning and wealth succession requires an intimate understanding of the client's goals, hopes, desires, and concerns in order to accurately prepare an appropriate plan. As such, he works intimately with clients and their advisors to create estate plans that enable families to plan for today as well as for future generations. Chris regularly prepares sophisticated estate plans, emphasizing probate avoidance, estate tax planning, and business succession...

616/336-6951
Laura E. Radle, estate planning attorney, Varnum
Partner

Laura is an attorney in the firm’s estate planning team where she helps individuals and families to identify their estate planning goals and to create a plan that is tailored to meet their specific needs. Laura’s practice includes a full range of estate planning and estate settlement services including the preparation of basic or complex estate plans, tax planning, business succession planning, cottage planning, charitable gift planning, and estate and trust administration services.

As a member of the Family Business Team, Laura assists business owners with the...

616/336-6415
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