Estate Planning
The Process of Estate Planning involves the accumulation and distribution of an estate to offer the maximum benefit to the wishes of the estate's owner.
Oftentimes, the various goals will include ensuring that the largest amount of the decedent's estate will pass to the estate's intended beneficiaries.
This often includes paying the minimal amount of estate and income taxes & avoiding or reducing the involvement of the government via probate court. Additionally, many people are concerned with providing for their minor children, and establishing proper guardians to look after them, as well as with long-term care concerns.
Estate Planning Tools: In planning any estate, you need to consider having a will, the different types of trusts, and the designation of beneficiaries, the use of life insurance, powers of appointment (such as the Durable Power of Attorney for Property, and the Advanced Health Care Directive), the variety of forms of owning property (such as Joint tenancy with rights of survivorship, tenancy-in-common, community property, etc), and gifting.