Objectives in estate planning vary from family to family because of differences in resources, number of children, and value judgments. Clarifying objectives is one of the first steps in logical, systematic estate planning. Here are some objectives families often list:

• To provide sufficient income to the parents for the rest of their lives.
• To reduce state and federal estate taxes.
• To reduce lawyer's fees, probate costs, and other fees.
• To reduce income and gift taxes.
• To treat all children fairly (not necessarily equally).
• To keep the farm or business in the family.
• To help one or more of the children start farming or to start a business.
• To maintain and continue an efficient operating unit.
• To reward certain children for specific contributions they have made to the parents or to the estate.
• To inform heirs what to expect so they can plan accordingly.