Estate planning is the practice of controlling your assets during your life and after your death. Estate planning is not just for the rich and it involves more than just tax planning.
The primary objectives of Estate Planning are to:
1) Ensure you will be able to provide for you and your family.
2) Direct your assets to the people or organizations that you choose.
3) Achieve your objectives with the minimal amount of taxes, expense, and interference.
An estate plan may include a plan for investments to meet your retirement needs, financing your children's education, and to assist elderly parents. Tax issues will likewise impact your estate plan and should also be considered. Protecting your family in the event of your premature death or very long life should be addressed. If you have amassed significant assets you will want to hold your assets in such a way so as to minimize threats from litigation. To carry out your plan your team may include an accountant for tax
advise, an insurance agent, financial planner, and an attorney.
You will need to create the documents that carry out your plan. As your attorney and counselor at law, it is our job to advise you on the law and execute documents that will achieve your goals.
Depending on where you are in life, an estate plan may be as simple as a will and a few other documents or may be complex; but no matter where you are in life, a plan is always best.