Step Two on the Ladder: Basic Estate Planning

AuthorJeffrey Robert Matsen
ProfessionFounder and managing partner of Matsen Voorhees Mintz LLP
Step Two on the Ladder
Basic Estate Planning
The multi-tiered approach to overall planning for the business owner and professional has to include
Estate Planning as an integral element. Estate Planning is essentially the process of preserving and protect-
ing your assets and property, then anticipating and arranging for them to be passed on to the next gen-
eration in the most orderly manner possible. There are many purposes behind developing an Estate Plan:
•Preserve and grow your assets during life
•Eliminate uncertainties with respect to the disposition of assets at death
•Maximize the value of the assets you pass to the next generation by reducing death taxes and
avoiding Probate
Estate Planning is basically the design and implementation of a plan that (1) will provide for individu-
als and their families if they become disabled and (2) will facilitate the transition of their property (includ-
ing their business, professional practice, and investments) upon their death with a minimum of expense,
delay, taxes, and unnecessary court intervention.
Foundational Documents
The foundational documents for Estate Planning include:

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