Typically, an estate plan involves a will and advanced directives, such as powers of attorney for property and health care. An estate plan may also involve revocable living trusts, irrevocable gift trusts, marital agreements, buy-sell agreements for family owned and closely held businesses, and related instruments.
Although no two estate plans are identical, an estate plan can be designed to:
· Preserve and protect a client’s wealth.
· Maximize the wealth available to future generations and other loved ones.
· Minimize the exposure of a client’s wealth to taxes and creditors' claims.
· Ensure that the client’s wealth is made available to loved ones on the terms and with as much (or as little) control as the client believes appropriate.