Planning Ahead: Part One

Planning Ahead Part 1: The Building Blocks of an Estate Plan

Welcome to “Planning Ahead,” a series of articles on estate planning and long-term care asset protection planning. In these articles I will share with you what you need to know as you begin your estate planning journey. Estate planning is the process of arranging for the use and transfer of your assets during lifetime and at death. You might think of your plan as how to get your assets from A to Z. A to Y represents your lifetime, and Z is the point at your death when what’s left of your assets are passed on to your family and/or charities.

A good plan will allow you to do this with the least amount of hassle and expense while still accomplishing your goals. Most plans require a minimum of three estate plan documents: a last will and testament, durable power of attorney and advance health care directive. These are our basic building blocks. Clients with more complicated situations require the use of additional estate planning “tools” such as testamentary trusts, revocable living trusts, irrevocable trusts, deeds and transfer-on-death deeds.

All estate planning must be personalized to your needs and goals. It requires careful consideration of what you own, in whose name your assets are titled, and what will happen to those assets at your death. That is why we ask our estate planning clients to complete an intake form before we meet with them.