Estate planning, the process of anticipating and arranging for the disposal of an estate, is an essential component of most Life Care Plans. The goal is to minimize uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses. Services may include:
- Preparing wills, trusts, advance medical directives, living wills, and durable powers of attorney
- Preparing HIPAA medical information releases
- Preparing for the transition of wealth after death, minimizing the impact of estate taxes, and protecting estates from creditors and the creditors of the deceased’s children
- Avoiding expenses that deplete the value of the estate passed on to heirs
- Insuring that property goes to the right heirs and inheritances are protected in the event that heirs get divorced
- Developing traditional and charitable gifting strategies
- Planning for life insurance payments, including irrevocable life insurance trusts
- Planning for marital deductions and exclusions