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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