Estate Planning means taking care that your assets are preserved and protected from taxes and other expenses when they pass on, at your death, to those who you choose to inherit from you. Tax avoidance is used by many elders with significant assets who would like to leave an enduring legacy. Estate Planning includes:
- Wills – A will ensures that your property is passed on to those you choose to benefit from your lifetime of savings. It can also be used to avoid estate taxes.
- Trusts – You control distribution of your wealth in detail during your life and after it. Sometimes used to reduce future nursing home costs.
- Power of Attorney – You decide who may act in your interests if you are unable to act yourself, due to illness or disability. You decide how much authority to give to your substitute, to take care of your affairs.
- Health Care Proxy – You decide how doctors will treat you if you are gravely ill, you decide who understands your wishes best, and you appoint them to enforce your wishes, as your health care proxy.
- Estate or Probate Administration
- Probate Avoidance