"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."
This involves studying the various legal strategies that individuals can use to manage their assets and provide for their families after their death, such as wills, trusts, and powers of attorney.
Wills: A legal document that outlines how an individual's property and assets will be distributed after their death.
Trusts: A legal arrangement where a trustee holds and manages assets for the benefit of a beneficiary.
Probate: The legal process of distributing a deceased person's assets to their beneficiaries or heirs.
Powers of Attorney: A legal document that grants authority to an individual (called an attorney-in-fact) to act on behalf of another person.
Advance Directives: A legal document that outlines an individual's wishes for medical treatment in the event that they become incapacitated.
Estate taxes: Taxes imposed on the transfer of property after a person's death.
Beneficiary designations: Designating beneficiaries for retirement accounts and life insurance policies.
Intestate succession: The legal process of distributing assets when a person dies without a will.
Guardianship: A legal arrangement where a guardian is appointed to make decisions for a minor or incapacitated individual.
Charitable giving: Making donations to charities, either during one's lifetime or as part of an estate plan.
Digital asset planning: Including digital assets such as social media accounts, emails, and digital files in an estate plan.
Business succession planning: Planning for the transfer of ownership and control of a family-owned or closely held business.
Long-term care planning: Planning for the possibility of needing long-term care and the associated costs.
Estate planning for non-U.S. citizens: Planning for non-citizens to ensure their assets are properly distributed and taxes are minimized.
Wills: A legal document that outlines how a person's assets and property will be distributed after their death.
Trusts: A legal arrangement where a person's assets are placed in a trust, and a trustee manages the assets for the benefit of designated beneficiaries.
Guardianship: The process of appointing someone to be responsible for the care and welfare of a minor or incapacitated adult.
Power of Attorney: A legal document that gives someone else the authority to act on your behalf in legal and financial matters.
Advance Directive: A legal document that outlines a person's medical wishes in the event they become unable to make decisions for themselves.
Living Will: A specific type of advance directive that outlines a person's end-of-life wishes.
Beneficiary Designations: A legal arrangement where a person designates who will receive their assets and property after their death.
Charitable Giving: A way to leave a legacy by donating assets to a charitable organization after death.
Life Insurance Planning: A way to provide financial support for loved ones after death through the purchase of life insurance policies.
Business Succession Planning: A way to plan for the transfer of ownership and management of a business to the next generation or another party.
"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."