Step Two on the Ladder: Basic Estate Planning

• Author: Jeffrey Robert Matsen
• Profession: Founder and managing partner of Matsen Voorhees Mintz LLP
• Pages: 29-33

29

CHAPTER

6

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:

•Wills

•Trusts