Your Legacy for the Future Estate planning begins with the definition of goals. The process involves considering current and future needs, defining a way to meet those needs through management of assets during life, and providing for the distribution of those assets upon death.
Some people have tax savings as their primary goal.
Others are driven by non-tax issues such as providing income for a friend or family member. Regardless of the motivation for estate planning, it is important to have the assistance of legal counsel. Attorneys and financial advisors are able to assess individual estate planning objectives and identify potentially adverse tax consequences. Legal counsel is necessary to draft trust agreements, wills and other estate planning documents. Any estate plan should be reviewed periodically to incorporate changes in tax laws and to consider an individual's changing needs, goals and intentions.