What does the phrase “estate planning” mean to you?

February 21, 2011

Communicating and explaining is am important as actually doing in my business.  To be able to explain better, I need to understand what people are thinking and how they are viewing things.  To assist in this process, I asked people the question on Linkedin (login required):  When you hear the phrase “estate planning” what comes to your mind? Check out the answers to the question below.

To me estate planning means determining where, how & to whom my stuff & money are distributed to. but i’m typically wrong when it comes to legal jargon.

Planning for retirement, planning for death, trusts, wills, taxes and probate. :-)

Paperwork. Tons and tons of paperwork.

Preparing your physical, financial, and emotional assets and liabilities to be distributed and dismissed according to your wishes after your imminent demise in a manner that distracts and burdens your loved ones as little as possible.

The overall planning of a person’s wealth is estate planning. All of the assets owned or controlled by a decedent and the debts that were the responsibility of the decedent at the time of deceased’s death are included in estate planning. Estate planning includes the preparation of a will and the planning for taxes after the individual’s death. In order to meet a person’s goals with respect to preparing for incapacity and death, numerous factors such as financial, estate law, insurance, investment, and tax implications must be taken into consideration.
Usually, estate planning includes;
1. creation of a will;
2. limiting estate taxes by setting up trust accounts in the name of beneficiaries;
3. appointing a guardian for living dependents;
4. appointing an executor of the estate to oversee the terms of the will;
5. making funeral arrangements; and
6. establishment of annual gifting to reduce the taxable estate.

Fully and seamlessly providing for my family when I become incapable to do so in the future.

Preparing for the future…

Shawn Roberts

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I write about and try to answer practical Oklahoma legal questions. I tend to focus on estate planning and business issues. I make a living as an attorney working for Resolution Legal Group in Oklahoma City. I am husband to Amy and the father of Sam and David. We live exactly in the path where the "wind comes sweeping down the plains."

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    [...] This post was mentioned on Twitter by Jeffrey Taylor and Shawn J Roberts, Ligia Cardenas. Ligia Cardenas said: What does the phrase “estate planning” mean to you? « Shawn J. Roberts: 1. creation of a will; 2. limiting estat… http://bit.ly/frsYP4 [...]