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Estate Planning – Plan your Estate or the State will Plan it for you
Why do an estate plan?
Money and convenience. It’s that easy and that simple. Without a plan, state law dictates what happens to a person and their things when they no longer are able to. There are a two types of plans, simple and comprehensive.
A simple estate plan includes:
-A will (see below).
-Durable power of attorney.
-Medical power of attorney for medical decisions.
-Medical directive or living will (so no heroic measures are used to prolong life).
-Declaration of guardianship-inter vivos (during life) or testamentary (contained in a will).
-A simple or basic plan, adding to it one of the following business forms: a limited partnership, a corporation or limited liability company, a trust, and/or a testamentary trust.This plan can substantially reduce taxes and allow control over assets so as to prevent them from being subject to claims and unconventional dissipation by a beneficiary who may not be as astute or mature as is necessary to effectively management income producing assets.