Ricky Berger talks about how to get started with Estate Planning. What is Estate Planning? What documents do you need to gather.
Estate planning is the process of anticipating and arranging for the disposal of an estate. Estate planning typically attempts to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses. Guardians are often designated for minor children and beneficiaries in incapacity.
Estate planning involves the will, trusts, beneficiary designations, powers of appointment, property ownership (joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gift, and powers of attorney, specifically the durable financial power of attorney and the durable medical power of attorney, and a living will.
A living will sets out directives concerning end of life decisions, whereas a durable power of attorney gives all medical decision making authority to an appointed individual upon incapacity, including end of life decisions. Some people have both a living will and a health care power of attorney.
Estate planning usually involves a number of people on your “team” including an estates attorney, a knowledgeable insurance agent and your C.P.A. Working together, you usually fill out an estate planning questionnaire to determine what you have and what you would like to occur with your assets over time including both before and after your death. Concerns over present and future control over your affairs and property, your need for money now, when you retire and upon your death, and as to the comfort and care of yourself and your loved ones are carefully considered along with the tax implications of how you may proceed with your plan. With all of the issues considered, plans are suggested to (the greatest extent possible) meet your estate planning goals at the time that your estate is first envisioned and drawn up.
Yes, but things change. It is recommended that you review your plan every 3 to 5 years with your estate attorney and team to make certain that your needs are still met and that changes in the law isn’t now jeopardizing your plan goals.
In all, the best advice is that to complete this journey one must begin with a first step. It’s not that hard. Contact an estate attorney. Meet and fill out and planning questioniare, and you’re on the way to your estate plan.
The preceding is for general information only and is not meant to be relied upon as legal or business advice. Always consult your attorney, and financial business advisors before deciding upon any course of action taking into consideration your particular circumstances.
