Estate planning is essential for successful individuals and families… and the planning focus can evolve based on the stage of life.
For young families, it is about who will care for their children. For couples, it is about providing for the survivor. And for older folks, estate planning is about the best way to pass assets to adult children and later generations. Charitable desires often play a role as well.
Two factors dominate the process: 1) passing the assets the way you want and 2) minimizing tax and cost.