Estate Planning
Estate planning involves anticipating and preparing for one’s own incapacity and death. This requires creating a revocable or living trust which affirmatively sets out a plan for one’s assets when one passes away. Specifically, the trust establishes who should receive the assets, in what amounts and in what manner as well as appoints a fiduciary to ensure the plan is properly carried out. If done correctly, the revocable trust will avoid probate all together, which is a time-intensive and expensive process. Additionally, the trust can incorporate techniques which avoid and defer taxes, if desired. Finally, estate plans should contemplate a structure that stands up to one’s incapacity and death, as well as affirmatively speak to one’s end of life financial and medical decisions.
