What is Estate Planning?
Believe it or not, everyone has an estate. Your estate encompasses everything you own: your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, jewelry, and personal belongings. Regardless of whether your estate is modest or substantial, you can’t take it with you when you pass. Therefore, it’s essential to ensure that your assets are distributed according to your wishes, in the manner you desire, and at the right time. Additionally, estate planning helps you minimize taxes, court costs, and attorney fees. Proper estate planning should also include:
- Care Instructions for Disability Before Passing
- Choosing a Guardian and Inheritance Manager for Minors
- Supporting Special Needs Family Members Without Affecting Government Benefits
- Providing for loved ones who might be irresponsible with money, or who may need future protection from creditors or divorce
- Life insurance to provide for your family at your death
- Providing for the transfer of your business at your retirement, disability or death
- A continuous process that is reviewed and updated as your family, financial situation, and laws evolve over time.