"Estate planning is the process of anticipating and arranging for the management and disposal of a person's estate during the person's life in preparation for a person's future incapacity or death."
The process of preparing for the transfer of assets after death, including wills, trusts, and inheritance laws.
Wills and Trusts: A will is a legal document that specifies how a person’s assets will be distributed after their death, while a trust is another legal instrument used to transfer property to beneficiaries after death or during a person’s lifetime.
Probate: Probate is the legal process by which a deceased person’s will is validated and their assets are distributed according to their wishes.
Estate Taxes: Estate taxes are taxes that are owed on an estate’s assets after a person’s death. Understanding how these taxes work and how to minimize them is an important part of estate planning.
Power of Attorney: A power of attorney is a legal document that gives someone the authority to act on behalf of another person in financial or legal matters.
Health Care Directives: Health care directives are legal documents that outline a person’s wishes for medical treatment in the event that they become incapacitated.
Guardianship: Guardianship is a legal relationship that grants someone the responsibility of caring for another person’s minor or incapacitated children.
Asset Protection: Estate planning can also involve strategies for protecting assets from creditors, lawsuits, or other threats.
Business Succession Planning: If a person owns a business, they will need to plan for what will happen to the business after their death.
Charitable Giving: Estate planning can also involve charitable giving strategies, including setting up charitable trusts or leaving bequests in a will.
Estate Planning for Blended Families: Estate planning can be particularly complex for blended families because of the various relationships involved. It’s important to plan carefully to avoid misunderstandings and conflicts.
Last Will and Testament: A document that outlines a person’s wishes for the distribution of their assets after their death.
Living Trust: A legal document that allows an individual to transfer their assets into a trust during their lifetime.
Power of Attorney: A legal document that allows a designated person to make important decisions for an individual if they become incapacitated.
Health Care Directive: A document that outlines an individual’s wishes for medical treatment if they are unable to make decisions for themselves.
Estate Tax Planning: Strategies used to minimize the taxes owed on an individual’s estate after their death.
Asset Protection: Planning strategies used to protect an individual’s assets from creditors, lawsuits, and other potential threats.
Charitable Giving: Planning strategies used to donate assets to charitable organizations in a tax-efficient manner.
Business Succession Planning: Preparing a plan to transfer ownership and control of the business to the next generation or new management.
Special Needs Planning: Planning strategies used to provide for the needs of individuals with disabilities or other special needs.
Pet Trust: A legal arrangement for the care of a person’s pets after their death.
"The planning includes the bequest of assets to heirs, loved ones, and/or charity, and may include minimizing gift, estate, and generation-skipping transfer taxes."
"Estate planning includes planning for incapacity, reducing or eliminating uncertainties over the administration of probate, and maximizing the value of the estate by reducing taxes and other expenses."
"The ultimate goal of estate planning can only be determined by the specific goals of the estate owner, and may be as simple or complex as the owner's wishes and needs direct."
"Guardians are often designated for minor children and beneficiaries with incapacity."
"The process of anticipating and arranging for the management and disposal of a person's estate during the person's life."
"The bequest of assets can be directed to heirs, loved ones, and/or charity."
"Estate planning may include minimizing gift, estate, and generation-skipping transfer taxes."
"Estate planning aims to reduce or eliminate uncertainties over the administration of probate."
"Estate planning maximizes the value of the estate by reducing taxes and other expenses."
"The complexity of estate planning depends on the owner's wishes and needs."
"Estate planning is done during a person's life in preparation for future incapacity or death."
"Designating guardians for minor children is a crucial part of estate planning."
"Estate planning may include minimizing gift, estate, and generation-skipping transfer taxes."
"Estate planning aims to reduce or eliminate uncertainties over the administration of probate."
"The ultimate goal of estate planning can only be determined by the specific goals of the estate owner."
"The planning includes the bequest of assets to heirs, loved ones, and/or charity."
"Estate planning maximizes the value of the estate by reducing taxes and other expenses."
"The ultimate goal of estate planning can be as simple or complex as the owner's wishes and needs direct."
"Guardians are often designated for beneficiaries with incapacity."