Estate Planning is the process of structuring the future disposition of current and projected assets. Some of the major estate planning tasks include:
- Creating a Last Will & Testament and designating a Personal Representative to oversee the terms of the Last Will & Testament
- Creating a Trust and designating a Trustee to oversee the terms of the Trust
- Limiting estate taxes by setting up trust accounts in the name of beneficiaries
- Establishing a guardian for living dependents
- Creating/updating beneficiaries on plans such as life insurance, IRAs and 401ks
- Setting up funeral arrangements
- Establishing annual gifting to reduce the taxable estate
- Setting up Durable Powers Of Attorney (POA) to direct control over other assets and investments
