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| Estate Planning Overview |
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Asset Protection
 Overview
A branch of law that involves the arrangement of a person's estate, taking into account the laws of wills, taxes, insurance, property, and trusts.
An estate is the total property, real and personal, owned by an individual prior to distribution through a trust or will. Real property is real estate and personal property includes everything else, for example cars, household items, and bank accounts. Estate planning distributes the real and personal property to an individual's heirs.
Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death. A major concern for drafters of estate plans is federal and state tax law.
Wills and trusts are common ways in which individuals dispose of their wealth. (See Estates and Trusts). Trusts, unlike wills, have the benefit of avoiding probate, a lengthy and costly legal process that oversees the transfer of assets. Sometimes, though, it will be useful to make inter vivos gifts (gifts made while the donor is alive) in order to minimize taxes. The Federal Gift Tax exempts certain levels of lifetime gifts. (See Estate Tax)
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If you are in need of legal help concerning estate planning, contact a lawyer in your area now. |
An Estate is the entirety of a property, real and personal, owned by an individual prior to distribution through a trust or will.
Estate planning is the process by which an individual, or nuclear family with the person's consent and approval, arranges the transfer of assets to heirs or other beneficiaries. The reason for this is to provide the family, or anonymous miscellaneous beneficiaries, with legal rights to the property after the individual has passed away.
Aspects of Estate Planning, include:
- Trusts
- Wills
- Uniform Probate Code
- Gift Tax
- Dynasty Trust
- Joint Tenency
A good Estate Planning lawyer can do more than just manufacture a simple will. Estate planning also typically minimizes potential taxes and fees, and sets up contingency planning to make sure that your wishes regarding which items are allocated and who the main beneficiaries are.
Many trusts are created as an alternative to or in conjunction with a will and other elements of estate planning. State law establishes the framework for determining the validity and limits for both.
An Estate Planner can assist you with organizing your personal and business records such as:
- Brokerage Accounts
- Retirement Plans
- Savings and Checking Accounts
- Insurance Policies
- Business and Partnership Interests
- Debt Personal Property
An Estate Planner can also assist all other possible estate planning law concerns.
If you are in need of an estate planning lawyer with solid experience in wills & estate planning, contact us. Let us help you with your legal concerns.
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Facts about Estate Planning 
