What Is Estate Planning? IN GENERAL: ESTATE PLANNING CAN BE DESCRIBED AS MAKING SURE THAT WHAT YOU OWN, GOES TO WHO YOU WANT, WHEN YOU WANT AND HOW YOU WANT. A. Common Estate Planning Goals 1. Writing an acceptable plan for distribution of assets after your death. 2. Planning for disability. 3. Minimizing estate and gift taxes. 4. Minimizing probate costs. 5. Health-care decisions.   B. Estate Planning Deals with the Ownership of Assets | WAYS OF OWNING ASSETS | PROBATE PROCEEDING ? 1. OWNERSHIP OUTRIGHT   YES - (Will does not avoid probate)   2. JOINT TENANCY   YES - If co-owner is dead   NO - If co-owner is alive 3. TRUST   YES - If Testamentary Trust   NO - If Living Trust 4. ASSETS WITH BENEFICIARY DESIGNATIONS (Insurance, Pension Benefits, IRAs, Annuities, Savings Bonds, etc.)   NO - (If estate not beneficiary)

main    next >>   home | attorney profile | what is estate planning? | contact