Estate Planning Law Center

Fundamentals of Estate Planning, Will & Testaments, Advance Medical Directives, Probate

What is Estate Planning

Estate planning is planning for your estate while you are alive and well, if you become incapacitated, and after your death. It involves the management of your assets while you are still alive and the distribution of those assets after you die. This planning allows for the orderly administration and disbursement of your estate, and includes taking actions that will minimize taxes and distribute assets to the appropriate heirs.

Your estate consist of all your property, which includes your house and other real estate; tangible personal property; and intangible property, like insurance, bank accounts, stocks and bonds, pensions, etc.

The elements of an estate plan include a will; assignment of power of attorney; a living will or health-care proxy; and for some people, a trust.

When you are setting up an estate plan, ask yourself the following questions:
  1. Whom do you want to inherit your assets?
  2. Whom do you want handling your financial affairs if you are ever incapacitated?
  3. Whom do you want making medical decisions for you if you become unable to make them yourself?
Visit Us at Google+ Copyright

Recent Articles Related to Estate Planning

  • What to Consider When Considering An Estate Planning Attorney?
    The list of reasons supporting the consideration of consulting with an "Estate Planning Attorney" is long and an important consideration by those of us wanting to assure that our assets get divided and passed on to our loved ones and others in a way that reflects your wishes.
  • Rights of Lineal Relatives After Adoption
    When a person is adopted, the legal relationship between that individual and birth parents and other individuals is altered. In many states, adoption creates new lineage that basically substitutes a personís natural family for his or her adoptive family. Questions regarding the rights of extended family members to children who were adopted out of the family often arise in the will and estate area of law.
  • Why Would Probate Be Avoided?
    Probate is a legal process that serves a purpose, but it comes with some drawbacks.
  • What Are My Obligations as Executor?
    The executor of an estate has many responsibilities. This individual may have been named in the will because the decedent placed particular trust in him or her. Alternatively, the court may have appointed this individual, believing that he or she could fulfill the duties the job entails.
  • Leaving Your Things to Friends After Your Death
    When considering your final affairs, you may find there are things that you would like to pass to people outside of your immediate family. In fact, maybe you want to leave everything to people outside of your family. Whatever the case, you will need to know how to direct the distribution of your assets in accordance with your wishes.
  • What Advantages Do Living Trusts Provide?
    Many people think that trusts are only useful for the wealthy, but this is not the case.
  • What Are My Rights as an Executor and Beneficiary?
    Executors and beneficiaries to a will each have rights and responsibilities as promulgated under state law. Both have important roles in the probate process and mechanisms to ensure that their rights are considered by the court.
  • Creating a Living Will
    Creating a living will can help bring peace of mind for you and your loved ones. It explains in writing what kind of medical care you want and when you want those efforts to cease during an event where you cannot speak for yourself. This can help to prevent disputes among family members, prevent unnecessary legal battles, and preserve your estate for the benefit of your beneficiaries (rather than spending it on your medical treatment).
  • Inherited IRAs & the Taxes Involved
    Receiving an inheritance can be a blessing, but there are typically tax obligations involved including the inheritance of an IRA. If you inherit an IRA, you should check with an attorney or financial advisor as soon as possible to find out what your options are.
  • Four Ways to Protect Heirlooms from a Family Feud
    The passing of family heirlooms from one generation to another should be a welcome tradition in most families, but unfortunately, this process can cause long-lasting family rifts if not done properly. There are many stories of families that have split over a silver tea service or a portrait of a long-dead ancestor.
  • Divorce and Estate Planning

    If you are going through or even contemplating a divorce, the single most important step you can take to make sure that your desires are carried out is to execute a new will, power-of-attorney and health care proxy.

  • DIY Estate Plans

    Many people view estate planning as selling of commodity documents (like wills, trusts, etc.). And if that is all there is to it, then they are right to choose DIY options like the form sites that are available. This article discusses DIY estate planning.

  • Do-It-Yourself Wills Leave Families Unprotected

    As the economy crawls sluggishly toward recovery, individuals and families continue to make difficult financial choices. In an effort to save money, people are increasingly attempting to personally handle tasks that were once reserved for professionals.

  • Golden Years can be Tarnished by Lack of Planning

    Retirees often come to Arizona to enjoy their golden years in great weather and an affordable state with spectacular natural beauty. Things sometimes turn ugly and expensive for seniors in Arizona, however.

  • Is This a Good Time to Transfer Your Wealth to Your Children?

    Is this a good time to transfer your wealth to your children? With the interest rates at a really low rate, and with the economic fallout from the present economy, even people with money do not feel flush now and may decide that they do not want to make gifts to the next generation. Even though the economy has been in recession many times before and has come out of it to prosperity, sometimes it is hard to look beyond the present time to see that prosperity.

  • Making Estate Planning a Family Affair

    Very few people are excited about drawing up their estate plans.

  • Pet Trusts Are an Important Part of Estate Planning

    A pet trust should be included as part of any good estate plan, just as a will, POS, HCP, and LW are the minimums everyone should have. The Helmsley debacle outlined some problems in her Pet Trust and will. Good drafting goes a long way.

  • Repeal of Estate Tax Likely to be Short-Lived

    As December 31 came and went, so did the federal estate tax - or at least for the time being. The estate tax, or the "death tax" as it is more affectionately known, is a tax imposed on the property and assets (i.e. "the estate") that an individual leaves behind at death. Under 2009 rates, the first $3.5 million of the estate was exempt from the tax while any amount over this was taxed at 45 percent.

  • Seniors Ė Planning Ahead is Key to Financial Stability

    Recently, there was a case in the news of a Brooks Astor, a New York socialite, who is now 104 years old. Her grandson is in a heated battle to remove his dad as Mrs. Astor's caregiver. In court papers that were filed, the grandson accused his father of ignoring Mrs. Astor's health and personal needs and requested a friend of Mrs. Astor's be appointed as her guardian.

  • The Pitfalls of Improper Titling of your Assets

    Even if the terms of your estate plan meet your current goals, your estate plan could be defeated if your assets are not titled in accordance with your particular estate plan.

  • The Value of Gifts to Estate Planning

    Gifts offer an important tool for Estate Planners to avoid federal estate taxes. However if gifts do not take into account the special circumstances of the giver and recipient it may create more harm than help.

  • Three Ways to Ensure your Minor Children can Inherit without Costly Guardianship Proceedings

    While itís not a pleasant subject, sometimes parents pass away while their children are still under the age of 18. What happens then? In this article, we discuss the perils of guardianship and three ways to avoid it.

  • What is IRS Section 529?

    IRS section 529 or Qualified Tuition Programs (QTP's) are found under Title 26, Subtitle A, Chapter 1, Subchapter F, Part VIII, Section 529 of the Internal Revenue Code or "IRC". It is considered the most complicated and hard to read section of the Code and a good treatment for insomnia. This section deals with special tax breaks for families, hence the "insomnia effect".

  • Why You Need an Estate Plan

    With the repeal of the estate tax (and generation skipping tax or "GST"), you may have put your estate plan on hold. This could be a serious mistake and put your family's (and business') financial future in jeopardy!

Contact a Lawyer

Find a Local Lawyer