Estate Planning Requires Creativity

August 12, 2019

Often the necessity of naming a guardian for minorchildren pushes parents to finally focus on estate planning and get the rightdocuments executed. Without that factor, it may be easier for nonparents to letestate planning slip through the cracks because most of us think that death orincapacity is always a long ways off.

The interesting thing is that nonparents, once theyget around to it, end up executing some very creative estate planningdocuments. When you are not simply leaving everything to the kids, it gives youmore options to consider.

How do you want to be remembered? What legacy do youwant to leave? Are there nieces, nephews, cousins, neighbors, friends orcharities that would benefit from what you leave behind? If so, how much and inwhat manner do you make those bequests?

We have seen nonparents set up elaborate travel arrangements for beneficiaries, out-of-the-box funeral and burial arrangements, and extremely generous donations to charities and those in need. Estate planning is never a one size fits all arrangement. What you leave behind is limited only by your imagination. For a consultation with experienced and creative estate planning counsel in the Greater Baltimore area, reach out to Stouffer Legal at 443-470-3599.

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