The end of 2013 is rapidly approaching, and tax time is not far behind. As such, this is a good time to make any needed adjustments to a Washington, DC resident's financial and estate planning strategies. A thorough review of existing documents and strategies could yield additional opportunities to avoid tax liability.
Many District of Columbia residents use trusts in their estate plans. Part of the process in creating trusts is deciding how much and what kind of discretion to give to trustees. Depending on the purpose of a trust, the discretion of the trustee could vary.
Most Washington, DC residents know that having an estate plan is important, but many people may not fully understand why. Estate planning does more than just pass on assets to heirs or provide for the unlikely event of incapacitation. There are two other important issues to consider when putting together an estate plan -- taxes and sheltering assets.
Thinking about dying or becoming incapacitated is not how most Washington, DC residents would prefer to spend their time. However, dealing with unpleasant thoughts for a short time can save a family from months and possibly years of turmoil when or if the time comes. Estate planning is one way of showing family members just how much they are loved.