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Strategies for ensuring money stays in the family

On Behalf of | Oct 22, 2021 | Estate Planning

One of the most important aspects of planning for the future is ensuring one has control over what will happen with his or her property and assets, even after death. Most adults prefer to pass along their estate to family members, friends and other beneficiaries that may be important to them. By carefully implementing certain estate planning strategies, it will be easier to keep money in the family or make sure it goes to the right places after one passes.

Simple steps for the best estate plan

Estate planning is a process that is unique to the individual objectives and concerns of the person creating the plan. A careful evaluation of certain factors can help one identify the most effective approach for developing the right strategy, which may include the appropriate implementation of some of the following estate planning steps:

  • Drafting a will or updating an existing will
  • Establishing or funding a trust
  • Converting retirement accounts into Roth IRAs
  • Checking or updating beneficiaries on certain accounts

There are also ways to make sure money goes to the right places by carefully and thoughtfully gifting money over the court of one’s lifetime.

Know options and choose wisely

The best estate plan is the one custom-tailored to individual needs and goals for the future. If a Maryland adult is primarily concerned with keeping money in the family, there are specific ways to accomplish that specific objective. It will be beneficial to discuss this goal with an experienced estate planning attorney and seek an assessment of the individual situation.