When most of us think about estate planning, we focus on money. We worry about making sure each family member is treated fairly. We’re concerned about estate taxes, or establishing a trust. Sometimes there is a family property to consider. But in the regular course of life, our estate planning usually doesn’t include a state-wide or national legacy.
Maine Sunday Telegram ran a great article about internationally-recognized artists connected to Maine whose estate planning includes works of art any museum or collector would cherish. I urge you to read the article on-line with the above link, because it includes more than a dozen works of art that don’t make it into the print edition. But what about estate planning for the rest of us?
Kate Lanman, Esq., one of our MSG resources, is a attorney and also a CPA. She specializes in elder law and taxation. She had this to say about estate planning:
The Importance of Estate Planning
"Tracy on the Raft at 7:30" Alex Katz 1982, Colby College Museum of Art
Taking the time to think about estate planning really benefits any individual, and meeting with an estate planner lets you make informed decisions about important issues. You can plan how property is distributed upon death and to whom, and how to effectively plan for the taxes. You can also give directions regarding health care and whether an agent should be named to make those decisions if you become unable to decide for yourself. And lastly, you can decide who to give a durable power of attorney to so that your finances are properly managed after your death.
Estate planning doesn’t have to be hard or complex. And it’s the best way to make your wishes known, and to take the burden off your heirs. Even if you don’t have valuable works of art to leave to a museum, you still have decisions to make that will help your family during this important time.