What is Estate Planning?

An estate is comprised of all real estate, bank accounts, investment accounts, insurance proceeds, retirement accounts including 401K, business interests and personal property minus debts. Proper estate planning allows for the distribution of one’s real and personal property to their loved ones and seeks to maximize the family’s inheritance.

Estate planning is the process by which an individual or family arranges for not only reducing financial ramifications, but also for the personal goals of the individual. A proper estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death. In addition, drafters of estate plans must be aware of the potentially negative impact of Federal and State tax laws.

Proper Estate Planning can accomplish the following:

  • NAME GUARDIANS for minor children.
  • PROTECT ASSETS from creditors.
  • PROTECT UNMARRIED COUPLES.
  • AVOID PROBATE upon death.
  • AVOID CONSERVATORSHIPS in the event of disability.
  • Offer CREDITOR PROTECTION for your beneficiaries to help assure that the assets you will leave them may not be taken from them by creditors or lawsuits as long as the monies are in the trust.
  • Help to secure FAILED MARRIAGE PROTECTION for your children.
  • Help to make certain that your ASSETS PASS QUICKLY to your loved ones upon your death, avoiding most of the delays involved in the probate process.
  • Establish SPECIAL NEEDS CHILD PROTECTION by creating a Spray Trust for your children or grandchildren, wherein they may receive a portion of the assets initially and balance a few years thereafter.
  • SAVE FEDERAL ESTATE TAXES with special tax planning which can be added to your Living Trust.
  • Take control of your future health care by appointing a health care representative under a Power of Attorney for Health Care.

    • Wills and trusts are common ways in which individuals transfer their wealth. Trusts, unlike wills, have the benefit of avoiding probate, a lengthy and costly legal process that oversees the transfer of assets. In order to minimize taxes there are several different techniques that can be employed using various irrevocable trusts along with the revocable living trust. In addition, it may be advisable to make inter vivos gifts, which are gifts made while the donor is alive, because the Federal Gift Tax exempts certain levels of lifetime gifts.





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