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Estate planning is an analytic exercise that starts with a review of your assets, family situation, business, and liability exposure. Everyone needs estate planning and it does not have to be complex. Estate planning is a process that has an end result – you are left with a set of structures, which are documents in written form, which will either come to effect immediately (lifetime planning) or will come to effect when you pass away (testamentary planning)or become incapacitated (disability/incapacity planning). The written form can be as easy as a Will, health care proxy, power of attorney, living will and designation of agent to control disposition of remains. It can be as complex as having several trusts, family partnerships, charitable trusts, grantor retained annuity trusts, partnership freezes and/or LLCs.
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