An estate plan is a legal tool for ANYONE who...
Wants to protect themselves, their assets and their loved ones in case they get sick or pass away;
has minor children and is worried about what will happen to them if you are injured or unexpectedly die.
is worried about the state inheriting everything they’ve worked so hard their entire life for;
Wants to minimize taxes that go to the government instead of their loved ones;
Has a business and wants to make sure it continues operating in the case of injury or untimely death;
Is single and wants to appoint the best people as their health care powers of attorney to make healthcare decisions for them in case they can’t;
Wants to make sure their Will outlines instructions for their family during uncertain times, including Do Not Resuscitate (DNR) wishes and other medical decisions.
YES, all assets, including business assets, generally must go through probate (unless the assets allow for the naming of beneficiaries).
However, certain trusts (GRATs or GRUTs) can be established during your lifetime that will allow any subsequent growth of the trust assets to pass outside of your taxable estate. It is important to consult with an attorney and/or tax advisor about your specific circumstances.