The short answer is that a Will is part of an estate plan. A Will does not suffice for proper estate planning. The simplest estate plan involves a Will, a medical directive, a financial power of attorney, and for those with minor children, an appointment of guardianship and most likely a trust for children until they attain a mature age to handle assets. But these are the basic elements in an estate plan. The overall objective is to ensure that one’s accustomed way of life is maintained (or even improved). Thus estate planning focuses on the objectives and needs one (or a couple) has in the different stages of life. It, therefore, is a continuous assessment of the best way to hold, manage, and distribute assets when alive and upon death, given these changing objectives and needs. A good estate planner should assist a client with the following legal matters:

1. Review types of assets owned and how they are titled;

2. Title assets so that they pass to the intended recipients, in the right amount, and at such time when the recipient can properly manage them;

3. Determine the estate tax liability and how to minimize (or eliminate) it;

4. Review and advise on estate liquidity – for long-term care needs, estate taxes or needs of surviving spouse/heirs;

5. Devise the best plan for asset protection given client’s objectives;

6. Review issues of incapacity, long-term care and/or Medicaid needs;

7. Discuss long-term insurance needs;

8. Discuss, devise and implement options for heirs with special needs;

9. Choose a private or a public estate plan – Will only or Trusts too?;

10. Discuss, advise and implement ways to avoid the probate process;

11. Review life insurance needs;

12. Plan for the continuation of a closely-held business, including ownership of rental real estate, in case of  incapacity and death;

13. Review/change beneficiary designations;

14. Assess special issues, such as children born of prior relationships, non-citizenship, unmarried partners, foreign assets, real estate owned outside one’s state of residence, etc.; and

15. Work with client’s other advisers such as financial planners and accountants, or suggest such professionals as needed.

Typical objectives in the early stages of our lives are:

• Establishing guardianship for minors;

• Passing ownership of assets to spouse and eventually to children given their ability to manage such assets;

• Appointing agents to make medical decisions for a client if s/he is unable to do so due to accident or illness;

• Appointing agents to manage a client’s financial affairs in case s/he is ever unable to do so due to travel, accident or illness;

• Ensuring that assets are protected against lawsuits, catastrophe, illness, death, issues with business partners, etc. Typical additional objectives in the latter stages of our lives additionally are:

• Eliminating or reducing estate, gift and capital gains taxes when passing assets upon death and while holding certain assets during life;

• Planning for disability and aging issues; and

• Planning for long-term care issues, especially how to finance them.

Having the confidence and peace of mind that you and your family are protected under all foreseeable circumstances is one of the key outcomes of discussing your estate planning objectives and needs with a competent and knowledgeable estate planning lawyer.

Please contact Vincent Liberti, Jr. to discuss your family’s estate planning, probate, real estate and business succession.