Estate Planning

You may think of estate planning as simply tax planning to reduce estate taxes, but this is not correct. The primary purpose of estate planning is set up a plan for the division of your assets upon your death. You need to determine, based upon whether your assets are probate assets or non-probate assets and further based upon whether you want to avoid probate to the extent possible, what is the best asset disposition plan for you.

Of course, depending upon the size of your estate, you may also need to consider whether you will have liability for estate or gift taxes.

Estate planning also requires that you consider how you will provide for any minor children upon your death and who will have the authority to make financial and medical decisions for you.