ESTATE PLANNING is the process of arranging assets and executing legal documents to deal with property in the event of death or incapacity. The goal is for assets to be handled simply, expeditiously and at the least possible transfer cost. There are various levels of estate planning: BASIC ESTATE PLANNING Total assets of a client or couple under the federal estate tax threshold, i.e. no anticipated estate tax liability. Legal documents typically include Revocable Trusts or a Joint Trust for a couple, Pour-over Will (which may include guardianship provisions for minor children), Powers of Attorney, and Advance Medical Directives. Additional documents may include a Deeds of Gift to transfer real estate to the trust and an Assignment of Tangible Personal Property to transfer tangible items to the trust.
