• Skip to primary navigation
  • Skip to main content

Duffy Law Office, PLLC

Helping Families Preserve Their Wealth

  • Home
  • Our Firm
    • About Our Firm
    • About The American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • Speaker Connection
  • Services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • LGBTQ Estate Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Reports
    • Advanced Estate Planning
    • Basic Estate Planning
    • Estate Planning For Niches
    • Trust Administration
  • Resources
    • Client Resources
    • Consumer Resources
    • Published Books
  • BLOG
  • Contact Us
  • (563) 445-7400
  • Show Search
Hide Search

A Holistic Estate Plan

Dennis D. Duffy · May 30, 2012 ·

Some people think that all they need is one or two documents in their estate plan, maybe a Will and a life insurance policy. However, most people are better served by taking a more holistic approach. That is an approach that looks at the entire portfolio of the person’s assets and devises an estate plan that protects and preserves those assets for their intended heirs.

The biggest problem with the simple approach is that may actually cost the intended heirs more money than the deceased thought it would. For large estates, the estate tax should always be a concern. However, even small estates will want to keep other taxes in mind. Other issues can arise for other people. If one of the people you want to leave assets to has a lot of debt, it’s possible that the inheritance will wind up in the hands of creditors. Everyone should worry about possible Probate costs if all they have in their estate plan is a Will.

An experienced estate planning attorney can look at your assets and devise a plan that takes everything into consideration. Using a holistic approach, the attorney will craft your plan so the assets that you intend to leave to your loved ones go to them after you pass away.

  • Author
  • Recent Posts
Dennis D. Duffy
Latest posts by Dennis D. Duffy (see all)
  • Attorneys Want to Help - December 14, 2016
  • Trusts and the Estate Tax - December 14, 2016
  • What Is a Third Party Special Needs Trust? - December 14, 2016

Advanced Estate Planning, Estate Planning Estate Plan, Estate Planning

Blog Subscription

Where we are

Duffy Law Office, PLLC
1840 E 54th St
Davenport, IA 52807
United States (US)
Phone: (563) 445-7400

Opening hours

Monday8:30 AM - 4:30 PM
Tuesday8:30 AM - 4:30 PM
Wednesday8:30 AM - 4:30 PM
Thursday8:30 AM - 4:30 PM

Map

duffy_hmpg_map.png

© 2023 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us