Estate planning is the process of legally structuring the future disposition of current and projected assets. When you plan ahead, estate planning typically attempts to eliminate uncertainties over the administration of a probate and to maximize the value of the estate by reducing taxes and other expenses. However, the ultimate goal of estate plan is determined by the specific goals of the client and may be as simple or complex as the client’s needs dictate. You make the choices and clearly define your requests for your family’s protection.
Your goal should be that after your death, all of your assets are transferred to the persons you want to receive them with a minimum of fuss and expense, and with the least amount of reasonably avoidable tax consequences.