What is an Estate Plan?

An estate plan is a written expression of how you want your assets to be owned, managed preserved during your lifetime and how you want them disposed of upon your death. Estate planning is concerned with the tax efficient inter-generational transfer of wealth cand onsistent with your personal objectives; e.g., keeping family wealth within the family from generation to generation.
Basically, Estate Planning is the process of GETTING YOUR AFFAIRS IN ORDER and EVERYBODY NEEDS to get their affairs in order!! It may include tools such as:

Revocable Living Trusts

Wills

Wealth Replacement Trust

Remember, Estate Planning is like a parachute, you may only need it once, but it better work.

This process involves a careful analysis of your assets and how they are owned (real estate, securities, business interests, life insurance, retirement plan benefits and other property) and a decision about whether you should create a revocable living trust or a will. Trusts are legal methods available to minimize various taxes and the costs of administering your estate upon your death. We will want to discuss wills, trusts, business interests, life insurance, Social Security benefits, long-term care, charitable giving, special needs for disabled or elderly, taxes, estate administration expenses, etc. Many of the subjects discussed will involve legal and tax questions of great importance to you. Your decisions should be made with the confidential advice of your attorney, aided in many cases by an accountant, trust officer, insurance adviser or investment counselor. With a properly designed estate plan, you'll be assured of the welfare of your family and the education of your children. You will know that taxes will be at a minimum and that your assets will go to your intended beneficiaries