Equal gifts are not always fair ... and fair gifts are not always equal.
You have started planning for the distribution of your assets at death.
Questions are flooding your mind.
Who gets what?
Will your kids be upset?
Where do you start?
According to a recent post on the Wills, Trusts & Estates Prof Blog titled "Be Fair to Your Heirs: Treating Children Fairly in Your Will," an equal split may not be best.
There are multiple factors.
The current financial status of your children.
How much support you provided each child over the years.
These are both good starting points.
To make the decision easier on your children, be sure to explain the reasoning behind your decisions.
An experienced estate planning attorney can help you determine the best division of your assets for your unique situation and goals.
He or she can also help you communicate your wishes to your children.
So, how do you find an "experienced" estate planning attorney?
First, ask around. Friends, family and other professional advisors are trustworthy sources.
Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "Estate Planning Anytown MoKan").
Third, either way, verify! Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.
In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Wills, Trusts & Estates Prof Blog (July 31, 2017) "Be Fair to Your Heirs: Treating Children Fairly in Your Will."