What Is Estate Planning?
Estate planning is planning for what happens to your assets and, in some cases, how family members would be cared for, after your death. This process might include deciding who would be guardian for your children, establishing trusts for to ensure the support of your children, and assessing the potential impact of estate taxes on your estate.
A comprehensive estate plan also includes planning for your assets and your personal care during your life.
You may benefit by considering income tax and gift tax planning, charitable giving, orderly transfer of a family business, and instructions regarding your medical care in the event of a disability. The major estate planning documents are wills, trusts, living wills/advance medical directives, anatomical gifts, and medical and financial powers of attorney.
We encourage our clients to periodically review their current estate plan. The laws affecting estate taxes change frequently, and your personal, financial, marital, family, and business circumstances may have changed as well.