A competent estate plan protects and distributes your assets, both during your life and upon your death. It achieves your individual and family goals and eases the management of your financial and legal affairs, as well as minimizing taxes if your estate is large enough for taxes to be of concern.
When we talk about an estate, we mean all assets of any value that you own, including real property, business interests, investments, insurance proceeds, personal property and even your personal effects. An “estate plan,” generally, refers to the means by which your estate is passed on to your loved ones on your death. Estate planning can be accomplished through a variety of methods, including: Revocable Living Trusts, Wills, Lifetime Gifting, Joint Ownership and Beneficiary Designations.