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end life planning

The Basics of Estate Planning

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Lifetime and testamentary planning Contrary to popular belief, estate planning typically involves more than just signing a Will. It generally involves two sets of considerations: lifetime planning and testamentary planning. Lifetime planning may involve choosing decision-makers to make health or financial decisions on your behalf should you become incapacitated. For higher net worth individuals, lifetime planning may also involve establishing tax-efficient gifting strategies during life. A testamentary plan, on the other hand, will designate the individuals or charities who are to inherit your assets at death, and in what capacity (e.g., outright vs. in trust). In addition, a testamentary plan…
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