What is estate planning?
Estate planning involves loved ones (family, relatives, friends, charities), assets (real and personal property) and planning for loved ones' future needs.
A properly crafted estate plan will:
Plan for Incapacity. In case you become unable to manage your assets during your lifetime, you will be able to determine who and how such assets are managed.
Consider Lifetime Distributions. If appropriate based on your circumstances, a proper estate plan will reduce estate taxes through strategic lifetime gifts to loved ones.
Plan for Distributions. You choose who and how your assets are distributed. If you are married, a proper estate plan will utilize each spouse's respective Exemption Amount to reduce estate taxes, while still providing financially for the surviving spouse.
Plan for Financial and Health Care Decisions. You (not the court!) choose who makes financial and health care decisions on your behalf if you are unable to do so.
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