Estate Planning: An Overview

An estate is the total property, real and personal, owned by an individual prior to distribution through a trust or will. Real property is real estate and personal property includes everything else, for example cars, household items, and bank accounts. Estate planning distributes the real and personal property to an individual's heirs, provides for guardianship, care and educational issues for minor children and provides for your funeral and method of burial or cremation upon your death.

An estate plan also aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death. A major concern for drafters of estate plans is Federal and state tax law. Wills and trusts are common ways in which individuals dispose of their wealth. Trusts, unlike wills, have the benefit of avoiding probate, a sometimes lengthy and costly legal process that oversees the transfer of assets. Sometimes, though, it will be useful to make inter vivos gifts (gifts made while the donor is alive) in order to minimize taxes. The Federal Gift Tax exempts certain levels of lifetime gifts.

Brent Schlotthauer would appreciate the opportunity to meet with you and discuss your estate plan or review and update any plan you may currently have in place. Mr. Schlotthauer’s basic estate planning package includes a Will, Health Care Directive (Living Will) and Durable Power of Attorney.

Our office remains available to assist you with each of your estate planning, probate, guardianship and other estate-related needs today.

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