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Creating a Lasting Legacy: Benefits of Estate Planning

ARTICLE | March 02, 2023

This article from The Aspen Times discusses the benefits of estate planning, including protecting yourself and your assets during your lifetime, ensuring your assets are distributed according to your wishes, minimizing transfer taxes, protecting family wealth, and creating a legacy. Estate planning also provides an opportunity for candid conversations about the future with family members, preventing conflicts, and making estate administration easier. Creating a comprehensive estate plan with the help of an estate planning attorney can help ensure that your wishes are met now and in the future.


I. Introduction
A. Definition of Estate Planning
B. Statistics show most Americans don't have an estate plan in place

II. Protect Yourself and Your Assets During Your Lifetime 
A. Consider risks of incapacity
B. Health care proxy and power of attorney

III. Asset Distribution
A. Last will determines how assets are distributed
B. Update last will with life changes
C. Review designated beneficiaries on investment accounts and insurance policies

IV. Minimize Transfer Taxes 
A. Estate taxes
B. Strategies to minimize taxes
C. Estate planning attorney

V. Protect Family Wealth
A. Placing assets in trusts
B. Protecting assets from predators and creditors

VI. Create and Continue a Legacy
A. Donor advised funds
B. Family foundation
C. Philanthropic trust

VII. Conclusion
A. Estate planning is a useful tool for family conversations 
B. Easier for loved ones 

VIII. Reference 
A. The Aspen Times (Jan. 24, 2023). “Five benefits of estate planning”

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