Remember that this only a "Crash Course." We paint with a broad brush. Many complex issues are covered here in not too many words, so a great deal of simplification and omission of details is inevitable. Remember, too, that individual state laws vary greatly on a multitude of specifics, but they are not covered here. These laws have a significant bearing upon the issues and decisions you face.
This Crash Course is NOT LEGAL ADVICE. Please do not make any tax or estate planning decisions based on this brief outline. Your fee to consult a competent attorney, accountant, and other trusted professionals will be money well spent. This course is only intended to provide a broad overview of the topics presented, so the reader can be more knowledgeable in exploring options, and better prepared to meet with professional advisors.
Keep in mind, too, that estate planning itself must be seen as but one step in the overall process of "financial planning.” This should include risk management and insurance, as well as tax, investment, and retirement planning. These topics are largely beyond the scope of this course. But after all, having a sufficient estate to fund your goals will depend upon the effective management of life’s various risks, while making the best mixture of investments, consistent with your risk tolerance and time frame.
The bottom line is that preparation of your estate plan should not occur in a vacuum. It is, sadly, very likely to fail if your financial and other personal affairs are not properly in place at your death. Now is the time to give these matters the thought they deserve. With this in mind, let us begin to explore Wills and Trusts.