• Skip to primary navigation
  • Skip to main content

Armstrong, Fisch & Tutoli

Attorneys At Law

858-453-0626
  • ATTEND A FREE SEMINAR
    • In-Person Seminars
    • Online Seminars
  • Home
  • Who We Are
    • About Our Firm
    • Attorney and Staff Profiles
  • Estate Planning
    • Business Owners & Asset Protection
    • Incapacity & Caregiver Support
    • IRA Inheritance Planning
    • Minor Children & Young Adult Planning
    • Outdated Estate Planning Documents
    • Powers of Attorney, Healthcare & Emergency Documents
    • Remarriage & Blended Families Protection
    • Special Needs Planning
    • Wills & Trusts
  • Estate Administration
    • Trust Administration
    • Probate
  • Elder Law
    • Are You A Caregiver?
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Hospice Care
    • Incapacity Planning
    • Medi-Cal & Elder Law Planning
    • Medicaid Planning
    • Options for Paying for Nursing Home Care
    • Veteran’s Benefits
  • Resources
    • Estate Planning Resources
      • Estate Planning Definitions
      • Estate Planning Reports
      • Estate Planning Checkup
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
      • Incapacity Planning Definitions
    • Elder Law Resources
      • Elder Law Reports
      • Elder Law & Medi-Cal Definitions
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • How to Know if You Need Extra Help With Your Grieving
    • LGBTQ Resources
    • Special Needs Resources
    • Frequently Asked Questions
      • Estate Planning FAQs
      • Trust Administration & Probate FAQs
      • Legacy Wealth Planning FAQs
      • LGBTQ Estate Planning FAQs
      • Incapacity Planning FAQs
    • DocuBank
  • Reviews
    • Review Us
  • Videos
  • Blog
  • Contact Us
  • Show Search
Hide Search

The Estate Tax Is Not the Only Consideration in Estate Planning

Michele A. Tutoli · September 30, 2011 ·

Compliments of Our Law Firm,
By: The American Academy of Estate Planning Attorneys

According to the Center on Budget and Policy Priorities, only the wealthiest one out of every 400 estates owed an estate tax in 2009. For those who may be subject to estate tax, a properly-drafted estate plan can help reduce or eliminate estate taxes. It can also help to minimize capital gains and income taxes. But estate planning is about more than reducing taxes – it’s about planning for life.

When you focus on life planning, you can use estate planning tools to your benefit today, and your heirs’ benefit in the future. Proper estate planning can help you:

  • Organize your assets to minimize the impact of disability
  • Avoid probate
  • Minimize income taxation
  • Protect your assets from creditors
  • Ensure your children’s futures
  • Instill your values in your descendants

Proper planning also comes with the emotional benefit of knowing that your affairs are in order and that there will be an orderly transition for you, your spouse or partner, and your loved ones at your death.

One of the biggest advantages to creating a formal estate plan is that it can be customized to virtually any circumstance or desire that you have. No matter how simple or complex your family dynamics are and no matter the size of your estate, you can arrange for the disbursement of your assets exactly according to your wishes.

Another consideration is how your family and loved ones will deal with something such as an incapacity. Legal estate planning tools such as a Health Care Durable Power of Attorney or a General Durable Power of Attorney can ensure that someone you trust can make decisions on your behalf if you become disabled. This life-planning tool also ensures legal and ethical order for your family and loved ones, something that is welcome during a health crisis.

One of the most common and flexible estate planning tools is the Revocable Trust. This tool can keep your affairs private after your death by avoiding the need for Probate. It can also address matters such as an incapacity and help you reinforce the values that you’ve instilled in your loved ones by using Trust income to encourage or discourage heirs’ behavior.

Clearly, a properly drafted estate plan is more of a life plan than a tax-savings tool, and there are many more planning options that we have not mentioned here. It’s important to consult with an estate planning attorney to discuss your particular circumstances and to draft a sound estate plan.

Armstrong, Fisch & Tutoli, Attorneys at Law

Armstrong, Fisch & Tutoli, Attorneys at Law

WHERE WE ARE

Armstrong, Fisch & Tutoli, Attorneys at Law
6050 Santo Road, Suite 240,
San Diego, CA 92124
Phone: 858-453-0626

Securities offered through Avantax Investment Services SM, Member FINRA, SIPC. Investment Advisory Services offered through Avantax Advisory Services SM. Placing business through Avantax Insurance Services SM. CA# 0D57837

OPENING HOURS

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
FridayClosed

Map

Map
  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

© 2023 American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Disclosures