5 Surprising Things You May Not Know You Can Do With Your Estate Plan

When it comes to estate planning, many people think of wills and inheritance, but there’s so much more you can achieve with a well-crafted plan! Beyond the basics, estate planning offers a variety of tools and strategies to secure your family’s future, protect your assets, and fulfill your personal and philanthropic goals.

In this blog, we’ll uncover five surprising and often overlooked aspects of estate planning that can help you make the most of your legacy. From managing digital assets to incentivizing heirs, these tips will show you how to leverage your estate plan in ways you might not have considered.

1. Charitable Giving

Many people elect to leave behind a portion of their wealth to charitable organizations that are meaningful to them. Making gifts to charities can also be beneficial because they are exempt from the gift tax.

There are many ways to make charitable gifts, such as directly to the charity, to a donor advised fund or foundation, or through a trust. It’s important to understand other tax implications before you choose the way you want to give. Making gifts to charity during your lifetime may help to reduce federal and state income taxes, while planning for a gift to charity after you pass as part of your estate plan may help to reduce federal and state estate taxes.

There are two popular options for charitable giving in your estate plan: charitable lead trusts (CLT) and charitable remainder trusts (CRT). Charitable lead trusts are irrevocable trusts that generate a potential income stream for charitable beneficiaries, with the remaining assets eventually going to non-charitable beneficiaries, such as your children or grandchildren. 

On the other hand, charitable remainder trusts are irrevocable trusts that generate a potential income stream for you or another beneficiary, with the remaining assets eventually going to charitable beneficiaries. 

2. Trusts For Specific Purposes

Trusts are extremely versatile and highly customizable, so chances are, if there’s something specific you want a trust to accomplish, it can be done. A few specific examples include funding the care of pets after you pass, funding the education of a loved one, or funding the maintenance of antiques or collectibles. 

In general, these are called purpose trusts, and they are designed with a primary objective in mind and how it operates is based on that objective. Like any other trust, they still have a trustee whose job it is to manage the assets in the trust according to the terms set by the grantor (person creating the trust). 

Laws regarding purpose trusts can vary from state to state, so some may allow more flexibility than others in terms of the types of purpose trusts you can establish and what you can use them for. For example, some states allow for perpetual trusts (meaning they can effectively last forever or until assets in the trust run out), while others may enforce limits on how long the trust can remain in effect after you pass away.

3. Business Succession Planning

For those that own their own business, they may want to keep the business within the family or sell it, either before or after they pass away. No matter which route you choose, careful planning can ensure that your business is able to stay up and running, as well as provide protection from large, unexpected tax liabilities. 

This is known as business succession planning. It addresses the systematic transfer of the management and ownership of a business within your estate plan. Management succession planning may include:

• Development, training, and support of successors
• Delegation of responsibility and authority to successors
• Outside directors/advisors to bring objectivity to the process when necessary, and
• Maximizing retention of key employees through equitable compensation planning for management, family/non-family employees, and active/inactive shareholders

Ownership transfer planning considerations may include:

• Coordination between who will own the business and who will manage the business
• Consideration of the best interests of the business and the owner’s family, and
• Timing of a transfer of the business during your lifetime, which may provide you with the opportunity to consult with the successor(s), and generally reduces the risk of a discounted sale of the business

4. Provide For Minor Children Or Loved Ones With Special Needs

Estate plans can also offer crucial mechanisms to ensure the well-being and financial security of minor children in the event of a parent’s passing. By naming legal guardians in your will, you can designate trusted individuals to take over the responsibilities of raising your children, ensuring they grow up in a loving and stable environment. Additionally, creating trusts, such as testamentary or living trusts, allows you to manage and distribute assets for your children’s benefit, such as providing for their education, healthcare, and other needs without risking premature access to the funds. 

Moreover, you can make provisions for a loved one with special needs through Special Needs Trusts, which won’t risk their eligibility for government benefits. In this arrangement, a designated trustee has control over the trust and disbursement of funds, ensuring that they are used wisely. They are typically used to cover expenses such as medical expenses, payments for caretakers, and transportation costs.

5. Incentive Trusts

Finally, incentive trusts are a clever way to encourage your beneficiaries to reach certain goals or milestones before they can access their inheritance. Think of it as a motivational tool that you set up in your estate plan. For instance, you might decide that your kids only get their share of the trust if they graduate from college, maintain a steady job, or stay clean and sober. 

You can even set age requirements or other lifestyle conditions that reflect what’s important to you. It’s a way to guide your loved ones towards positive behavior and responsible decision-making, ensuring that the money is used wisely and in line with your values. With an incentive trust, you can have a lasting impact on your beneficiaries’ lives, even after you’re gone.

The Hayes Law Firm Can Help You Accomplish Your Unique Estate Planning Goals With Ease!

With over 40 years of experience, our lead attorney William Hayes can help you customize your estate plan to address your values and intentions. Whether you already have an idea what your objectives are or you are in need of additional guidance and legal advice, our award-winning team is here to serve you. Call today to book your free initial consultation and learn more about how we can serve you!

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Natalie Salgado

Natalie joined the Hayes Law Firm as a Paralegal and Notary Public in August 2014. She takes pleasure in getting to know the clients so she can tailor the estate planning process to fit their needs Read More!

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