What are your goals for your wealth?

Points to know

• Estate planning maximizes the benefits of your wealth for your beneficiaries.
• Taking time to consider what's most important to you can help you define your legacy

At the heart of all estate planning is one common goal: making sure the people and organizations you choose as beneficiaries receive the greatest benefit from your accumulated wealth.

As you explore your estate planning options, here are some common principles to consider that can guide your decisions as you move forward.

How do you envision your legacy? It's a big question, and it's okay if you don't have the answer right away.

Here are a few considerations to help you formulate your vision or fine-tune your existing ideas.

Taking care of your family

For most people, providing for family members is a top priority. As you formulate your wealth transition plan, ask yourself these questions:

• Have I decided who will inherit my money and other assets?
• Am I concerned about my heirs' ability to manage or protect my wealth?
• Do any of my family members have special needs?
• Are there specific assets I'd like to give to certain individuals?
• Do I need to shield my assets from a divorced spouse or a beneficiary's future creditors?
• Do I want to manage the timing of distributions to beneficiaries of different ages?
• Are there specific goals I'd like to help potential beneficiaries accomplish?
• Do I need to create a transition plan for my family business?

Philanthropy

One of the great benefits of wealth is the ability to make a difference by supporting worthy causes.

If you're currently involved in philanthropy or want to make charitable giving a part of your legacy, ask yourself the questions below. Later we'll discuss giving strategies for making the most of your charitable contributions.

• What charitable organizations do I currently support, and how can I keep the momentum going?
• Do I want to support other charities or causes?
• Do I want to achieve a specific philanthropic goal?
• Is my family involved in my current philanthropic giving plan?

Involving your family in philanthropy

Minimizing taxes

You want your assets to stay with the people and organizations you choose. But taxes can reduce how much they actually receive.

Learn more about estate and gift taxes