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¶ … planning can be described as the process through which a person or family organizes to reassign assets in expectation of death. This process is geared towards safeguarding the maximum amount of wealth possible for the identified beneficiaries and elasticity for the person before death. During the process of developing an estate plan, one of the main concerns for drafters of the plan is state and federal tax legislations. In addition to considering federal and state law, the process of drafting an estate plan includes several people such as the family, other relevant individuals, and selected charitable organizations ("Do I Need Estate Planning?" par, 1). Furthermore, estate planning process involves the individual's property or assets and their varying ownership forms and titles. Actually, some of the most common tools used in the process of estate planning include trusts, wills, power of attorney, and estates.
While estate planning is used to address a person's future needs if he/she becomes unable to care for him/her self, it has commonly been mistaken that it only involves the writing of a will. Even though a will is part of...
Actually, this process can involve several elements in addition to those mentioned previously such as tax, medical, financial, and business planning.
In relation to estate planning, an estate is considered as the total property, personal and real, that is owned by a person before distributing it either through a will or trust ("Estate Planning," par, 2). While real property is considered as real estate, personal property includes all other items like bank accounts, cars, and household items. During the process of estate planning, an individual distributes both the personal and real property to his/her heirs. On the other hand, wills and trusts are the common means through which a person's wealth is distributed. As compared to wills, trusts have the advantage of avoiding probate, which is a prolonged and expensive legal process that supervises the distribution of assets. Estate planning process may sometime involve the use of inter-vivos gifts in order to lessen taxes. These gifts help in lessening taxes since they are made…
Works Cited:
"Estate Planning." Legal Information Institute. Cornell University Law School, n.d. Web. 11 July 2013. <http://www.law.cornell.edu/wex/estate_planning>.
Fuscaldo, Donna. "Why You Need an Estate Plan." Online Posting. Fox Business - The Power to Prosper. FOX News Network, LLC., 21 June 2013. Web. 11 July 2013. <http://www.foxbusiness.com/personal-finance/2013/06/21/why-need-estate-plan/>.
United States. Office of Media and Information Services. Do I Need Estate Planning? The State Bar of California, n.d. Web. 11 July 2013. <http://www.calbar.ca.gov/Public/Pamphlets/EstatePlanning.aspx>.
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