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The General Gist of Estate Planning

Updated: May 13

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)

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Stumbled across an interesting article on probate and wills. Looks like it was originally published last year. Worth a read: The Mystery of the Millionaire Hermit, in Bloomberg. It’s a good reminder