Estate Planning simply means planning for who will get your property and assets after you, protecting your hard-earned wealth for generations to come.
A well-considered estate plan can provide for incapacity, avoid probate, provide for your minor children, eliminate or reduce potential estate taxes, provide asset protection, provide charitable bequests, help with business succession planning, and provide for non-traditional families.
A thorough and complete estate plan must take into account a significant amount of information about your assets, your family, your property, and your wishes during and after your life.
Effective Estate Planning may include the following:
Last Will and Testament
Living Trust
Asset Protection Trust
Special Needs Trust
Medicaid Trust
Probate
Wills
Durable Power of Attorney for Management of Property and Personal Affairs
Advance Health Care Directives
Retirement and Pension Plans: Beneficiary Designations
Gun Trust
Pet Trust
“Funding” the Trust with Real Estate Deed Transfers
Your family may also need a more sophisticated Advanced Estate Planning technique, such as:
Family Limited Partnerships
Qualified Personal Residence Trusts
Irrevocable Life Insurance Trust
Charitable Split-Interest Gifts (CRT/CLT)
Non-Charitable Split Interest Gifts (QPRT/GRAT/GRUT)
Dynasty Trust
Self-Canceling Installment Note (SCIN)
Intentionally-Defective Grantor Trust (IDGT)