Thursday, September 10, 2009

So what is "Estate Planning"?

Estate planning involves people and your assets. It addresses your future needs in case you ever become unable to care for yourself as well as when you pass away.

Estate planning is actually very broad and does not just include preparing a trust and/or a will. It is really part of comprehensive financial life planning which should include: investment and retirement planning, mortgage planning, long-term care and other related medical planning, tax planning, and insurance planning.

When planning your estate it is highly recommended that you work with a network of professionals (legal, financial, insurance, tax) that will work together on you behalf so that your plan is cohesive.

Through estate planning, some things you can determine are:

  • How and by whom your assets will be managed for your benefit during your lifetime if you ever become unable to manage them yourself.
  • When and under what circumstances it makes sense to distribute your assets during your lifetime.
  • How and to whom your assets will be distributed after your death.
  • How and by whom your personal care will be managed and how health care decisions will be made during your lifetime if you become unable to care for yourself.
  • How will care for your minor children and who will manage their finances.
  • How to reduce or eliminate estate taxes.
  • How to provide financial support for your family after your death.
  • How to protect your assets from liability during your lifetime.

So yes, your Trust and/or Will is part of the planning process, but you will need other documents as well to fully address your estate planning needs.

Working with Amy Alvis and Living Trusts by Amy, you will work hand in hand with professionals to help identify your specific estate planning needs, the goals and values that are important to you, and work those together to create a customized estate plan that in specific to you.

Disclaimer: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.

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