Estate Planning FAQ

estate planning

People often ask the very simple question, “what exactly is estate planning?”

So, simply stated, estate planning is a customized and goal-oriented plan that fits your family’s situation.

A basic plan might involve:

  • Wills
  • Financial power of attorney
  • Health care powers of attorney
  • Living will

Many plans also involve revocable trusts, which for many people are a great way to combine their estate planning goals with the avoidance of probate.

Some situations require more complex trust arrangements, such as trusts to facilitate charitable giving (remainder trusts or lead trusts), trusts to hold life insurance policies or other irrevocable trusts to achieve a number of different goals from estate tax reduction to long-term care issues.

Estate planning frequently encompasses the issues surrounding estate taxes as well. In many cases, proper trust planning can eliminate or at least substantially reduce the likelihood of paying estate taxes. As part of their estate planning, certain people also plan for the succession of their businesses.

Given the above-listed variations, you can more easily determine what’s best for you and your family by consulting an estate planning attorney.