What Is An Estate Plan

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WHAT IS AN ESTATE PLAN?
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ONGOING PROCESS
Estate planning is a multifaceted, ongoing
process.
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When you plan your estate, you make sure that
your loved ones will be provided for after you
pass away.
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You also make preparations for the eventualities
of aging.
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ASSET TRANSFERS
There are various different ways to facilitate
postmortem asset transfers.
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The best course of action will depend upon the
circumstances.
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You should understand your options so that you
can act in a fully informed manner.
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LAST WILLS
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You could use a last will as a vehicle of asset
transfer.
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A will can suffice for many people, but there
are limitations to take into consideration.
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LIVING TRUSTS
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• A living trust is another option.

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• These trusts can be useful for people who are not
  extraordinarily wealthy.

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• You control the assets in
• the trust while you are living.

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• After your passing, the trustee would distribute
  assets to your beneficiaries in accordance with
  your wishes.

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ADVANCED ESTATE PLANNING TECHNIQUES
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There are advanced estate planning techniques
that can be implemented when necessary
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For example, people who are exposed to estate
taxes can take steps to gain estate tax
efficiency.
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It is possible to a limit a spendthrift's access
to his or her inheritance.
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A special needs trust can be created to provide
for a loved one with a disability without
impacting government benefit eligibility.
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INCAPACITY PLANNING
Incapacity planning is also part of the equation.
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You could create durable powers of attorney to
name agents to act on your behalf in the event of
your incapacitation.
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With a living will, you could state your
life-support preferences.
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CREATE A CUSTOM-CRAFTED ESTATE PLAN
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The ideal estate plan will be custom-crafted to
suit your needs.
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If you would like to discuss your objectives with
a licensed estate planning attorney, contact us
to schedule a consultation.
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Nicole Livingston
Colleen SinclairProsser
Jon J. Gasior
Victor A. Lembo
Or visit our website www.sinclairprosserlaw.com