Page 10 - Nexia SAB&T Estate Planning Guide 2024

n To ensure that the plan is both practical, legal and efficient
u An estate planner needs to align his goals with the practicalities of
implementing strategies to achieve those goals.
u In theory, what might seem to be an effective strategy may in reality be
practically inconvenient and inefficient to the estate planner and his
spouse during their lifetime. They may both need easy access to income
and capital resources during their lifetimes.
u Using estate planning tools solely with the main aim of paying less
income tax is problematic. Planning should be done in such a way that
taxation savings are part of the solution, but not the sole solution.
n Provide for built in flexibility
u Any changes and amendments to the plan should be able to be
implemented at minimal cost and inconvenience to the estate planner.
As a starting point in the process, the estate planner should:
n Determine an estimate of his net worth (assets less liabilities).
n List his goals and planning objectives, based on his personal needs, financial
circumstances, lifestyle and practical efficiencies.

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