Estate planning is the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law.
Estate planning involves determining how an individual’s assets will be preserved, managed, and distributed after death or in the event they become incapacitated.
Planning tasks include making a will, setting up trusts and/or making charitable donations to limit estate taxes, naming an executor and beneficiaries, and setting up funeral arrangements.
Various strategies can be used to limit taxes on an estate, from creating trusts to making charitable donations.
Estate planning can include any of the following activities:
- Elder Law – Long-Term Care Planning and Asset Protection
- Estate Planning – Wills, Trusts, Advance Directives, Health Care Proxy, Living Wills and Special Needs Trusts
- Estate Administration – Probate, Estate Administration, Accounting, Bill Payment, Trust Administration and Estate Tax Preparation
- Estate Litigation – Will and Trust Contests, Contested Accountings, Breach of Fiduciary Duties and Beneficiary Rights