An estate is the total property, real and personal,
owned by an individual prior to distribution through
a trust or will. Real property is real estate and personal
property includes everything else, for example cars,
household items, and bank accounts. Estate planning
distributes the real and personal property to an individual's
heirs.
Estate planning is the process by which an individual
or family arranges the transfer of assets in anticipation
of death. An estate plan aims to preserve the maximum
amount of wealth possible for the intended beneficiaries
and flexibility for the individual prior to death. A
major concern for drafters of estate plans is federal
and state tax law.
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