Essential Estate Planning comprises the fundamental elements of estate planning, some or all of which must be considered by every individual and family.
The design of your Essential Estate Plan always depends on the make-up of your estate and your goals.
The foundation of any Essential Estate Plan is a fully funded Revocable Living Trust. This document is personalied to control your estate while you are alive, avoid probate when you are deceased, reduce or avoid federal estate taxes, and provide for each family member in a thoughtful manner that produces the maximum benefit.
An Essential Estate Plan may encompass most, if not all, of the following:
- Revocable Living Trust
- Special Needs Trusts for Disabled Heirs
- Credit Shelter By-Pass Trust
- Wills
- Durable Powers of Attorney
- Directives to Physicians (Living Wills)
- Marital Property Agreement
- QDOT for a Non-Citizen Spouse
- QTIPS & Other Custom Beneficiary Trusts
An Essential Estate Plan is often expanded with additional components, such as:
- Wealth Replacement Trusts – to enhance the size of your estate without increasing the amount of eventual federal estate taxation
- Charitable Trusts – helping you live better while spending your ‘tax’ dollars as you wish, supporting the organizations of your choice
Estate Planning Library