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Estate planning encompasses much more than designating persons who will benefit upon one’s death. Proper estate planning can save hundreds of thousands of dollars of gift and estate taxes, even for people who do not consider themselves wealthy. It involves measures taken during one’s
lifetime that are relevant to events that may occur during or after one’s life -- such as establishing trusts that have estate planning, financial planning, and tax aspects. For example, if one has sufficient means, it is possible to irrevocably transfer funds to children, even if they are minors, tax free to them, and the amount transferred will be entirely excluded from gift and estate taxes -- but only if one plans properly.
Estate planning also involves designating those who will handle one’s affairs and make medical decisions if one is incapacitated. It involves nominating guardians for children in the event both parents should die. It involves keeping track of election results and their effect on the law.
Our attorneys are experienced in estate planning, and can make the process understandable as well as useful.
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