Do you have friends who have told you that the main focus of their estate planning is simply to reduce the estate taxes that their heirs will need to pay? It's a serious concern for some people, and they go to great lengths to cut back on the tax burden. They just want to give their heirs an inheritance that they'll enjoy.
When your parents pass away, there is a chance that you will be the one who has to deal with their estate. If they have an estate plan in place, your job will likely be a bit easier. One thing that you can do now is find out what they want. This might be a hard conversation to have with them, but it is best handled while you can ask questions about things you don't understand.
You always assumed that your estate planning would be simple when it came to your family business. You were going to leave it to your children. They could run it just as successfully as you did.
You can put a lot of different assets into a trust. People often consider simply putting in financial assets, but you can also add real estate and things of this nature.
When people are asked what the first step is to pass their home on to their children, they often think about the financial side. They assume that they need to find out what the home is worth in the current market or what the taxes will look like if they give the house to the kids.