What is Estate Planning?
Estate planning centered on the distribution of assets and the avoidance or reduction of estate taxes until recently when medical advances helped people to live much longer. Modern estate plans still consider taxes and asset distribution , though they have been updated to include how a person lives during their advanced years if they cannot care for themselves.
If you make no plans for potential incapacity, laws regarding incompetency and guardianship will make the decisions for you. Wouldn't you rather decide how you will live for yourself and who will care for you and your affairs under those circumstances? Modern estate planning has the tools necessary to tailor an estate plan to meet the needs and desires of the individual, both during life and upon death.
There are many aspects of the estate process which include:
- Prepare the Final Accounting of the Representative, and Obtain Receipts and Releases so He or She is Discharged and Not Sued
- Identify, Marshall, and inventory the assets of the decedent
- Notify & Satisfy the descendant's creditors
- Implement procedures to avoid and limit a Will contest or other litigation
- Protect the assets of the estate
- Prepare & file estate income tax returns and estate tax returns
- Prosecute or defend lawsuits filed on behalf of or against the estate
- Distribute assets
- Evaluate & discuss opportunities to minimize estate taxes
- Evaluate issues concerning exempt property, family allowance, and elective share benefits.