What Is Estate Planning?

In very broad terms estate planning is the process of planning for the accumulation, conservation, and transfer of wealth. A well-crafted estate plan will provide for the management and protection of your wealth in the event of your disability and will also arrange for the distribution of your assets upon your death in the way that most efficiently and effectively accomplishes your unique tax and non-tax objectives.

Who Needs Estate Planning?

• People with minor children
• People with children (or grandchildren) who have a disability
• People with spouses (or children) who can’t, or don’t want to, handle money or a business
• People that own real estate
• People that own closely-held business interests
• People with property in more than one state
• People that own special or unique property or legacy assets
• People with charitable objectives
• People that have asset protection concerns for their heirs
• People with pets

Estate Planning as A Three-Legged Stool

Every complete estate plan is comprised of three components: a health care directive, a power of attorney, and one or more dispositive documents (the legal instruments that pass your property at your death). The keys to developing a good estate plan are to make sure all three of those of those components are addressed and selecting the proper tools to achieve your goals.

How Often Should You Review Your Estate Plan

We recommend you review your estate plan whenever:

• There is a birth, adoption, or death of a child
• Whenever someone named in your estate plan gets married or divorced
• When there are major changes in the tax laws
• If you move to a new state
• If you or one of your heirs experience a significant change in income or wealth
• If there is a significant change in your objectives
• If there is a significant change in the needs or circumstances of you or any of your beneficiaries