What is estate planning? This answer to this question is explored in a recent Forbes article titled “What Is Estate Planning?”
The article concludes that “Estate planning is the process of legally structuring the future disposition of current and projected assets.” The operative words in this definition of sorts are “structure” and “process.”
“Structure” is an essential component of your estate plan. Why? Because, much like a building, estate planning requires putting many diverse things into place to accomplish a goal. A building can be an office, or a home, or a retreat, depending on the pieces you choose and where you choose to put them. Consequently, your estate plan can structure your assets to protect them from creditors, to duck beneath a tax ceiling, and to protect your loved ones for years to come. In essence, like a good building, your estate plan can perform many functions.
Likewise, “process” is equally essential. Unlike a static building, your estate plan is constantly building, sometimes evolving, and sometimes outright changing course completely. In this light, estate planning is abstractly simple. Accordingly, you must keep your estate plan current with the many changes in your life, the lives of our loved ones and the plans you have made.
You can learn more about this topic as well as other strategies on our website under the tab entitled: estate planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning.
Reference: Forbes (November 4, 2013) “What Is Estate Planning?”