One of the best ways to help assure that your assets will be managed for your family as you intend is to develop a comprehensive estate plan designed to meet your individual needs. The estate planning process typically involves working with your financial, tax and legal advisors to develop a customized estate plan.
Many estate plans include the following:
- Last Wills and Testaments
- Durable Financial Powers of Attorney
- Advance Medical Directives
- Revocable and/or Irrevocable Trusts
- Insurance Trusts
- Charitable Remainder Trusts
- Minor’s Trusts – Spendthrift Trusts
- By-Pass or Credit Shelter Trusts
- Marital Trusts (QTIP)
- Grantor Retained Annuity Trusts or Grantor Retained Uni-Trusts
- Qualified Personal Residence Trusts
- Planning for Disabled Children
- Life and Long-Term Care Insurance
- Gifting Strategies
- Business Succession Planning
- Family Limited Partnerships
- Pre-Nuptial Agreements