Once you've created a solid foundational estate plan to take care of you and your property if you become mentally incapacitated and to take care of your loved ones after you die, you'll need to determine if you need any advanced estate planning.
Sometimes the estate planning attorney will integrate advanced planning with the foundational estate plan, but in many situations people are so overwhelmed by the initial estate planning process that they can't even begin to focus on advanced planning. If this happens to you, then you'll need to come back to your attorney to discuss your need for any advanced estate planning to reduce your estate tax bill, meet your charitable goals, and/or create a lasting family legacy:
- What is Advanced Estate Planning?
- Do You Need Advanced Estate Planning?
- What Are the Benefits of Advanced Estate Planning?
- What is Asset Protection?
- What is a Qualified Personal Residence Trust?
- How to Plan for Exiting Your Business if You Become Disabled or Die
Once you have your foundational estate plan in place and your need for advanced estate planning has been addressed, if your foundational estate plan includes a Revocable Living Trust, then you'll need to fund your property into the trust.
