The ultimate goal of estate planning is to provide for the management and transfer of your property, in the event of your death or incapacity, at the smallest financial and emotional cost to your family. A properly structured estate plan allows you to choose your beneficiaries, provide for the management of your assets and eliminate or reduce taxes. Without careful planning, your property may pass to unintended beneficiaries or be reduced in value by unnecessary taxes or unsound investments, all of which may cause financial insecurity or bitterness after your death.
Estate planning also addresses such questions as who should own property and what property to own, whether it should be owned jointly or separately, whether trusts are needed for management, control or tax savings, and whether lifetime gifts should be made.
An estate plan must be personalized to consider your objectives and financial situation. This requires a comprehensive review by a qualified estate planning attorney.