Estate Plan

Objectives of Estate Planning

In order to help understand the concept of estate planning, we must focus on its objectives...

to develop a plan detailing one’s wishes as to the use and distribution of his wealth
to secure the maximum value of that wealth by avoiding state and federal taxes
to prepare for future illnesses, disability or retirement;
to transfer property to intended, rather than unintended, beneficiaries both before and after death
to reduce probate costs and administrative expenses;
to provide the estate with enough cash and other liquid assets to pay debts, taxes and other expenses
to provide for the guardianship of minor children upon death or incapacity
to provide someone who will manage his or her assets upon death or incapacity
to provide an individual who can make decisions on his or her behalf, including legal and medical ones, if he cannot do so himself