What is Estate Planning
Estate planning means many different things to many different people. To some it may mean a simple will while to others it may encompass some or all of the following:
1. An interviews trust (commonly called a living trust),
2. A charitable trusts (such as a charitable lead trust or a charitable remainder trust),
3. A special needs trust to care for a loved one with disabilities,
4. Estate Planning for lifetime gifting,
5. Lifetime income tax planning especially for a large bonus,
6. A medical power of attorney,
7. A general durable power of attorney,
8. An advanced medical directive (commonly called a living will),
9. Business succession planning,
10. A family limited partnership,
11. An IDGT (Intentionally Defective Grantor Trust),
12. A SCIN (Self Canceling Installment Note),
13. A GRIT (Grantor Retained Income Trust), a GRUT (Grantor Retained UniTrust), a GRAT (Grantor Retained Annuity Trust),
14. A QPRT (Qualified Personal Residence Trust),
15. and on infinitum it seems. |
