Estate planning's ultimate goal
Estate planning can only be determined by the specific goals of the estate owner and may be as simple or complex as the owner's wishes and needs direct. Guardians are often designated for minor children and beneficiaries in incapacity.
The planning includes:
· The bequest of assets to heirs and may include minimizing gift, estate, generation-skipping transfer, and taxes.
· Planning for incapacity as well as a process of reducing or eliminating uncertainties over the administration of a probate and maximizing the value of the estate by reducing taxes and other expenses.
The action of anticipating and arranging, during a person's life, for the management and disposal of that person's estate during the person's life, in the event the person becomes incapacitated and after departure from life.
7Step Checklist Estate Planning