A well-rounded estate plan should satisfy several criteria. It should be designed to take care of providers during their lifetimes and offer a distribution strategy that seeks to allocate assets quickly and efficiently to beneficiaries. Additionally, an appropriate estate plan is ideally simple and economical to administer while taking income, gift, and estate taxes into account and paying particular attention to the unique issues facing clients with large IRA or Qualified Plan balances.
Often, estate plans involve a team of professionals across different specialties to help with the establishment of: