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Estate planning consists of both the current transfer of assets and the preparation of documents in order to accomplish the transfer of clients' assets, with minimal taxation, at the time of death.
The transfer of assets is performed in a means consistent with the exemptions provided by state and federal gift tax laws, including the annual exclusion, the unified credit, and the specific exemption.
The appropriate documentation consists of wills, powers of attorney, health care powers of attorney, and living wills. Wills provide a means of transferring one's assets to others, at the time of death; wills further provide one with the opportunity to establish trusts, both for minors and adults, and to designate the person who will manage the estate. General Powers of Attorney allow one to delegate to other persons the ability to manage one's affairs while Health Care Powers of Attorney allow one to let others make health care decisions, in the event of incapacity. Finally, living wills allow a client to lawfully instruct a physician to allow one to die in a natural manner.
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