Estate Planning is planning for the preservation and distribution of your estate which consists of all of your assets including bank accounts, real property, life insurance, IRAs, and personal items.
Plan for the preservation of your estate to:
- Reduce or avoid estate taxes
- Finance long-term health care costs
Plan for the distribution of your estate to:
- Select your beneficiaries and determine the time and manner in which they receive your assets
- Appoint guardians for minors
- Choose executors and trustees
- Appoint managers and caretakers of your assets in the event of your incapacity
Estate planning documents that you might consider when forming your estate plan include a will, a power of attorney, a health care proxy, a living will, a living trust, a testamentary trust such as credit shelter trust or a trust for a minor, and an irrevocable trust such as a Medicaid trust, a life insurance trust, or a charitable trust.
