What is Estate Planning

Federal Estate Tax

Assessed against a deceased person's estate (all the assets they own or have control over, for purposes of estate taxes) before property is transferred to heirs or assigned according to terms of a will or state intestacy laws. Fortunately, there is a large exemption from this tax (but the exemption is cut in half in 2026).

intellectual property

Includes patents, copyrights, confidential information in a business. Often includes the identity of customers or clients. Such property rights are often protected by confidentiality / trade secret agreements, non-compete provisions, and solicitation agreements, that employees are required to sign.

Business Succession Planning

Planning for continuation and/or transfer of the business should one of the owners or key employees no longer be able to participate in the business, become incapacitated, or die.

Asset protection planning

Process that includes reorganizing how assets are held so as to make them less vulnerable should a claim be made against a person or entity. Uses federal or state "exempt assets" from claims of creditors, or techniques such as family limited partnerships, limited liability companies, and certain types of trusts.

estate planning

Provides a clear plan for what should happen upon the death of an individual. Also addresses planning in advance of any incapacity. May also address asset protection planning, and business succession planning.

HIPAA (Health Insurance Portability and Accountability Act)

The privacy rule of HIPAA makes all health care information confidential (not to be shared outside the medical practice, unless patient consent is received). HIPAA consent forms are now quite common.

Advance health care directives (AHCDs)

Used to inform health-care providers and family members of the wishes of the patient, either to consent to health care, or withhold consent to treatments. As related to the level of lifesaving measures or heroics, to be used when the patient is near death and is unable to communicate her or his wishes.

Beneficiary Designation

the owner of an insurance policy, annuity, IRA, 401k, or other bank and brokerage accounts can choose and change the beneficiary and contingent beneficiaries