Estate Planning:

The Goals of Estate Planning are amongst others to ensure that the greatest amount of your estate passes to the estate owners intended beneficiaries minimising in the process amount of tax paid. Other Goals would include providing and appointing Guardians for Minor Children, special needs (autistic) children and Planning for Incapacity.

The tools involved in estate Planning include

• Wills
• Trusts
• Ownership of Property (joint ownership, tenancy in common etc)
• Gifts
• Powers of Attorney (Lasting powers or General Powers)
• Living wills (Note Living wills sets out directives concerning end of life decisions whereas a durable medical power of attorney gives all medical decisions making authority to an appointed individual upon incapacity, including end of life decisions
• Mediation: This serves as a preventative measure against future Litigation. This provides an opportunity for all interested parties i.e estate owner and his or her family members and any other beneficiary organisation in a discussion about plans for transferring assets in the future. This measure addresses or confronts potential conflicts associated with blended families, step siblings. Multiple marriages, and could minimise the chance of future conflicts

Establishing your goals to protect your wealth is crucial if you want to:

• Distribute the maximum amount possible to your designated beneficiaries with minimum delay and in the manner of your choosing
• Be sure that each beneficiary's specific needs are met, including the special needs of a disabled child
• Establish a trust for your surviving spouse and children
• Provide outright bequests to your family, friends, charity, or your alma mater
• Reduce estate taxes and costs and provide the liquidity needed to cover them
• Ensure that a family business stays in the family, providing additional resources to equalize the distribution of assets when some children will be taking over a family business or farm