Definition:
Estate Planning helps investors manage the development and disposition of financial assets. Estate planning also involves the preservation of a person's assets in the event of an illness or death. The process includes the settlement of the estate and payment of any taxes.
Also Known As: financial planning, estate plan, financial plan, family financial plan
Examples:
Estate planning considers myriad needs of wealth creation, disposition, tax management, and heirs. Estate planning also seeks to protect an individual's hard-won assets from the ravages of estate taxes or prolonged illness. Insurance planning may play a large part in settling an estate. Caring for the needs of family members, including spouse, dependent children, or parents, is part of estate planning. Planned giving may help to reduce the taxable estate.