Estate Planning

Estate planning is the process 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 death. The planning includes the bequest of assets

to heirs. and may include minimizing gift, estate, generation skipping transfer, and taxes.

Estate planning includes 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 ultimate goal of 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 directs.



Tools typically utilized in estate planning include the following:

1. Revocable and Irrevocable Trusts;

2. Wills;

3. Transfer on Death Deeds;

4. Durable Powers of Attorney;

5. Guardianships; and

6. Advanced Directives