Page 29 - Network Magazine Winter 2019
P. 29

6. Consider your current and future gifting objectives as to your family and charitable organizations when planning your estate. Your estate planning attorney can provide strategic and tax recommendations as to the timing of certain gifts during your lifetime as op- posed to after your death. Careful planning in light of the TCAJA is critical.
7. Plan for the proper treatment of Digital Assets in your Estate Plan. A good estate plan should clearly address your wishes as to your intended beneficiaries of assets such as the files of the hard drive on your computer, photographs stored in the cloud or posted to social media sites, cryptocurrencies, popular digital storefronts such as eBayTM pages, and valuable web domains, for example.
8. Devote appropriate attention to your and your beneficiaries’ citizenship and residency status and planning for your out-of-state and international assets. These assets might include interests in real estate or other non-liquid investments and bank accounts. Review these with your attorney to un-
derstand not only the tax implications and residency issues that might accompany these assets, but also the planning and any tax saving opportunities avail- able to you.
9. Plan for and communicate your wishes as to your funeral or other disposition of your remains, and other special arrangements that might include religious or other specific services, memorials, or celebrations. Your estate planning attorney will advise you as to applicable law in this area and how to ensure that your wishes will be honored.
10. Understand the best practices of recordkeeping for you, your family, and your business. An adept estate planning attorney will guide you and your fam- ily with practical and useful information to maintain that information necessary to support your estate and tax planning objectives.
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