Thanks to changes in the 2017 tax law, 529 college-savings plans are being used as estate planning tools and to pay for more education-related expenses than ever before, according to InvestmentNews.
Unless you take your heirs' wishes, taxes and interests into consideration in your plans, you could be committing some serious unforced errors with your estate.
Parents' instincts to protect their children can cause them to hold back on some important truth-telling about the kind of inheritance they might expect, but that could be a big mistake.
Your obligations to your family or loved ones do not stop, even if you have already passed on. If your family, especially your children, are still heavily dependent on you, you can still provide for them through proper estate planning, even if you are no longer present.
You probably give to others each year, such as for birthdays and Christmas gifts. Gifting can be done for other reasons, including during life or as bequests at death. The reasons for doing so could be to accomplish nontax or tax goals.