Trusts and Estate Planning
The goal of a Professional Estate Plan is not only to minimize or even eliminate estate tax liability, or efficiently manage, protect, and ultimately distribute the estate assets according to the decedent�s wishes, but just as importantly, an estate plan is about making carefully informed decisions to maximize efficiency and reduce the risk of family discord--leave them something to cherish, not something to fight over. A professional estate plan also addresses the most important of end of life issues.
The Basic Estate Plan consists of four documents: the Last Will and Testament, the Durable Power of Attorney, the Healthcare Power of Attorney, and the Living Will. The Last Will and Testament nominates fiduciaries, guardians, and trustees; allocates property distributions either generally or specifically or both; and directs the Executor in settling the estate including the preparation and filing of the estate and income tax returns, where necessary.
The rules governing the estate and gift tax system are complex. The larger the estate, the more complex the professional estate plan becomes and more loopholes become available to:
- Reduce, Eliminate, or Defer Income and Estate Tax;
- Protect Assets from Waste and Creditors;
- Ensure Proper Business Investment Solutions; and
- Manage Assets including Business Interests until transfer of control is effectuated.