Estate planning is the process by which an individual decides how best to pass his assets to his or her spouse, his children and/or other persons or entities. The process takes into consideration what can be done in order to insure an orderly transition as well as to protect what you have from creditors and taxing authorities.
A thorough estate plan utilizes a number of documents in order to achieve this type of transition and protection.
First, there is a Will. Depending on the circumstances, a Trust may be utilized as either a Will supplement or for prescribed purposes.
Powers of attorney for both finances and healthcare are important for dealing with incapacity.
Other requisite documents are living wills and healthcare directives.
Long-term care agreements and Medicaid planning are usually considered.
Tax planning for both income and estate taxes is crucial.
Make an appointment with Mr. Humber so that you can discuss the formation and implementation of your estate plan.