What is Estate Planning and Do I Need an Estate Plan?
Estate planning is the organization of a person’s property and debts for the purposes of minimizing income taxes, estate taxes, and probate expenses. Despite common misconceptions, everyone needs an estate plan. While wealthy individuals may require more complicated strategies to avoid federal and state death taxes, even the “not-so-rich” require some planning to pass property to their heirs. A simple Will might be all the estate planning you need, but it is still very important.
