A well-executed estate plan is designed to serve three purposes. First, it should provide for your loved ones and distribute your assets in a manner that consistently and effectively matches your wishes for how you want them distributed. Second, your estate plan should minimize attorneys’ fees and state and federal estate taxes.
Basic estate planning is recommended and appropriate for anyone with a gross estate asset fair market value exceeding $200,000. If the fair market value of your gross estate exceeds $5 million, then you should speak to us about more sophisticated Family Wealth Preservation techniques, in addition to basic estate planning. Basic estate planning consists of the following: