Estate & Lifetime Planning Overview

Definition of Estate Planning

The process of developing a program for effective management, enjoyment and disposition of your property, at the least possible cost. Estate planning can be undertaken with many goals in mind. Perhaps the most important goal for folks initiating estate planning is to ensure that their assets are passed to people of their choosing. However, at a minimum, estate planning can and should also include:

determining the optimal method for holding property during one lifetime, so as to promote the asset owner's use, enjoyment and independence during their lifetime effective tax planning, so as to minimize the overall estate tax provisions for ensuring the effective management and efficient administration of the estate provisions for effectively and efficiently managing assets that pass to minor children or grandchildren

Tools for Estate Planning

Will Substitutes - (includes joint accounts, life insurance, IRAs, 401k's, Payable on Death accounts and Transfer on Death accounts)

Definition of Lifetime Planning

Planning designed to maximize individuals' ability (during their lifetime) to: maintain financial independence, protect their accumulated savings, and plan for possible incapacity.

Tools for Lifetime Planning

Financial Power of Attorney
Health Care Power of Attorney
Living Will
Trusts- (Living Trusts are not a good planning choice for everyone!)

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