Estate Planning is a broad term that encompasses many different things. It includes careful consideration for the disposition of assets after death, and proactive decisions regarding wishes surrounding incapacitation. A well-conceived plan is essential to your emotional and financial well-being. It provides peace of mind and can help avoid familial disputes over elder care, end-of-life decisions and inheritance. Estate plans also often utilize various methods of planning to minimize the impact of federal and state taxes that can follow death.
Preparing your estate plan should consist of the following areas of focus:
Planning for your own disability;
Deciding who will manage your assets and care for you when you are sick or incapacitated;
Deciding on end-of-life care and who you wish to make care decisions and by what guiding principles;
Deciding what will happen with your worldly belongings when you die;
Transmitting your family’s legacy to the next generation while reducing transmission costs such as taxes; and
Leaving assets to your children or other beneficiaries to protect those assets for your intended purpose, such as education, retirement, or other goals, and to protect you from potential predators and creditors.
A comprehensive estate plan will tie together your goals and allow you and your family to rest assured you are protected and prepared for your future and beyond.