Estate planning aims to eliminate uncertainties over the administration of an estate and maximize the value of the estate by reducing taxes. A properly drafted estate plan addresses all of your concerns and wishes in regarding what will happen to your estate, your minor children, and yourself in the event of incapacity or death.
Estate planning includes drafting of wills, trusts, powers of attorney, advanced health care directives, and more advanced gifting strategies. It also includes specific final arrangements, such as whether to be buried or cremated. More sophisticated estate planning may address deferring or decreasing estate taxes or winding up a business.
Often, many families underestimate the value of their estate and fail to create an estate plan. This may subject your loved ones to an expensive and time consuming legal process called probate. An effective estate plan can accomplish your goals and reduce your taxable estate, allowing more of your assets to benefit your beneficiaries and loved ones.
If you seek to take a proactive stance in matters of your or a family member’s estate, it is important to meet with an experienced trusts and estates attorney. Our trusts and estates attorneys are well versed in estate planning. They are experienced in implementing various legal strategies, from basic estate planning, including a Will or a Revocable Living Trust, to more advanced planning, such as Irrevocable Life Insurance Trusts.