Estate planning is the process of planning for the efficient disposition of a person’s assets in the event of his or her death, as well as managing them during his or her lifetime. It involves not only designating who will receive a person’s assets when they die but also the manner in which they are to receive them.
A good estate plan will:
- protect the estate from creditors of the intended beneficiaries
- manage the assets for beneficiaries who are too young or inexperienced to prudently manage them on their own
- protect the surviving spouse
- protect the creator’s assets during his or her lifetime
- provide for the management of assets in the event of incapacity
- reduce or eliminate estate taxes
- reduce capital gains taxes
- provide for the effective management and disposition of family businesses both before and after death
Generally these goals are accomplished through the use of revocable trusts, wills, general durable powers of attorney, health care powers of attorney, living wills, irrevocable trusts, partnerships, limited liability companies and other documents.
Every person’s estate and family needs are different and every estate plan is unique. Some plans are very complicated while others are relatively simple. But virtually every adult needs some kind of estate plan.
For those who choose not to plan, a plan is created for them in the state intestacy statutes, but rarely does this plan meet the needs or desires of the individual.
We customize every estate plan to meet the needs of the individual and accomplish the goals discussed above.