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You have worked, scrimped and saved your whole life and accumulated some wealth to pass on to your children. Then the question comes up, "How can I best pass my life's saving onto my children?" It is not an easy answer.

The best advice is to seek advice from professionals like attorneys, financial advisers, and accountants. But what concerns or questions should you discuss with them? You should know that just having a Will is not enough to get the best "deals" when doing your estate plan. Estate Planning offers many new options to meet your needs and goals, but you have to know that these options exist in your state. Here are some tips to help with your questions.

First, find out what all your legal opportunities are from an attorney in your state. Ask what is the best way to avoid the high cost of probate and what other alternatives there are available. Ask if you need a Will or would a Revocable Trust better suit your needs. If you are a marital property state, ask if a Marital Property Agreement should be used rather than a Will.

Second, see if your state allows a life estate to transfer your property. This will help you if you might be concerned about being in a nursing home and having a "spend down" to qualify for Title 19. If you are not concerned about a nursing home, then check to see if your state might offer a "Transfer on Death" (T.O.D.) for your real estate. Both of these are great ways to have your real property avoid Probate.

Third, always make sure you account for guardianship of any children under the age of 18 or any adults with special needs. If you have a special needs child or adult there are different trust funds that can be set up which will have some tax advantages.

Fourth, do not put anything in joint tenancy. Once you put your bank account or property in joint tenancy with your children your bank account or property can be subjected to any of your children's debt. Such debts include bankruptcy, divorce, and a car accident.

Fifth, estate planning is not just for when you die. Two very important documents that anyone over 18 years of age needs are the Power of Attorney for Health care and the Durable Power of Attorney for Finances and Real Estate. Always have one or two alternative agents listed. If you only list one agent and that person happens to be in the same car accident these documents are not going to help you.

Sixth, check with a financial adviser for all the new products that have come out to help you achieve your financial goal.

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