An estate plan is your blueprint for where you want your property to go after you die. While a will is an important part of an estate plan, it is one of myriad components. The best way to minimize estate taxes is to use trusts. Trusts provide invaluable protection for your family’s assets. During estate planning, the Law Offices of Peters and Associates, PLLC can also plan for possible mental or physical incapacity. Living wills and durable healthcare powers of attorney enable you to decide in advance about life support and pick someone to make decisions for you about medical treatment.
Your estate consists of all your property, including:
Your home and other real estate
Tangible personal property such as cars and furniture
Intangible property such as insurance, bank accounts, stocks and bonds, and pension and social security benefits.