Estate planning is the process of anticipating and organizing the management and disposal of a person’s estate during their life and after death. It aims to minimize gift, estate, generation-skipping transfer, and income taxes. Estate planning also involves preparing for incapacity and reducing uncertainties related to probate administration. Additionally, it focuses on maximizing the estate’s value by reducing taxes and other expenses.
The ultimate goal of estate planning depends on the specific objectives of the client. These goals can vary greatly in complexity, depending on the client’s needs. For example, clients may designate guardians for minor children and beneficiaries in case of incapacity.
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:
- Whom do you want to inherit your assets?
- Whom do you want handling your financial affairs if you are ever incapacitated?
- Whom do you want making medical decisions for you if you become unable to make them yourself?
Call (757) 354-1243 to schedule your consultation
249 Central Park Ave | Suite 300 | Town Center | Virginia Beach
