Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan 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 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.

We've all been told that if we do nothing else to take care of our legal affairs, we should write a will. That's pretty good advice. If you don't make a will before your death, state law will determine who gets your property (and it may well not be whom you would have chosen), and a judge may decide who will raise your children. In your will, you can make these decisions yourself.  The Lawyers at DLS can guide you through the planning process and advise you on your options.

The Things You Need To Know & Do:

1. Regardless of your Net Worth, everyone needs a basic plan!
2. A Basic Plan has several elements:
   • A Will
   • Power of Attorney
   • Living Will
   • Health Care Proxy
3. Take an Inventory of all your belongings and Assets
4. GET A WILL!
5. Consider the benefits of a Trust
6. Discuss your plans with your children and heirs to prevent disagreements and confusion
7. Remember that Probate and Taxation can take a bite out of your Estate
8. Consider Tax and Probate Free Plans

  Consult a Estate Planning Professional Immediately