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Lombard estate planning lawyersIn most cases, the assignment of assets to a single heir is straightforward; you only need to determine a creative way to decrease the tax load. By contrast, assigning assets to multiple heirs is generally more complex. Not only do you have to determine how to increase the overall amount each person receives after their tax liabilities but you must also discern whether to distribute the assets fairly or equally. What is the difference between these two options, and which one is most appropriate for your estate planning needs?

Fair or Equal: What is the Difference?

While some people use the terms fair and equal interchangeably, the two terms are quite different from one another. To split things equally means to give everyone the exact same amount, but fair distribution is not always equal. Sometimes, it may appear that one heir is getting “more,” but the truth is that they are getting more for a very specific reason.

Determining What Constitutes “Fair”

Fair can mean something different to everyone. For example, children who see another child with more food or a later bedtime might cry, “Not fair!” – even if the other child is older. Fair is much like this; it determines what is appropriate to give in terms of responsibility or amounts by weighing various factors. Asset fairness is no different.  

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