Estate Planning 101: Choosing Your Heirs Over The IRS

BusinessEstate Planning 101: Choosing Your Heirs Over The IRSByGabriel Shahin, CFP®,Forbes Books Author.for Forbes BooksAUTHOR POSTExpertise and opinions of authors published by ForbesBooks. Imprint operated under license. | Paid ProgramMay 07, 2026, 11:47am EDT--:-- / --:--This voice experience is generated by AI. Learn more.This voice experience is generated by AI. Learn more.Your estate can go to three places: your heirs, your favorite charity, or the Internal Revenue Service (IRS).Gabriel ShahinEstate planning is how you decide where your wealth goes when you’re gone—your heirs, your favorite causes, or the IRS. It matters because without a solid plan, taxes, legal fees, and probate can erode your legacy before it ever reaches the people you love.I’ve spent my career helping people build wealth, but there is one Estate Planning 101 truth I always share with my clients: Building wealth is only half the battle; the other half is protecting it so it actually reaches the people you love.I often tell people that when you pass away, your estate can go to three places: your heirs, your favorite charity, or the Internal Revenue Service (IRS). My job is to make sure you choose the first two, because nobody intentionally picks the IRS.What Will I Learn in Estate Planning 101?Anyone who wants to ensure taxes and legal fees don’t eat up their legacy needs to have a sturdy estate plan and do these four things:1 - How to Avoid Probate at All CostsIf there is one thing I’ve learned from watching celebrity estate messes—from Prince to Aretha Franklin—it’s that probate is a nightmare. Probate is the legal process by which a court validates your will and oversees the distribution of your assets. It sounds orderly, but for most families, it is a disaster for several reasons:Zero Privacy: Probate is a matter of public record. Your nosy neighbors, the media, and creditors can see exactly what you owned and who is getting it.It’s Expensive: Between court costs, attorney fees, and exe...