Estate Planning

Estate planning describes the process by which people arrange their assets in a way that accomplishes their individual goals and desires. An estate plan works to achieve what an individual wants and needs during his lifetime and continues after his death to carry out his wishes.

A proper and adequate estate plan should allow you to control and manage your property while you are alive and well, take care of you and your loved ones if you become disabled, and when you die allow your property to pass to those you want, when you want, and in the way you want, while saving as many tax dollars, court costs and professional fees as possible.

To begin with you need to understand exactly what an estate is. An estate consists of all the property that a person owns or controls, whether held solely or in some joint manner, and all other money or wealth that would be generated upon someone’s death. Estates include:

• Real estate
• Annuities
• Personal property
• Retirement accounts
• Business interests
• Debts owed to others
• Life insurance
• Claims you have against others