Estates: What They Are and How to Plan
Estate planning is the process of anticipating and thoughtfully arranging for the disposal of property during a person’s lifetime. There are ordinarily many uncertainties that influence the accumulation and disposal of wealth. Estate planning seeks to eliminate (or at least greatly reduce) those uncertainties, while maximizing the value of a persons estate, in part by reducing taxes and other expenses.
The ultimate goal of an estate plan is determined by the specific goals of the client. It may be as simple or as complex as the client’s needs and desires may dictate.
Estate planning overlaps with elder law, which additionally includes other provisions such as long-term care.