Preparing a will and a plan for settling your estate is the place to start. A Trust or a Limited Liability Company can help you take best advantage of exemptions to estate tax (the rate is 10-16%) and capital gains tax (the rate is up to 33%), and possibly save you hundreds of thousands of dollars. In the process, you’ll devise a plan to pass your family farm or business on to heirs of your choosing to ensure your family legacy continues.
The estate planning process also allows you to prepare a health care directive and power of attorney. If you become incapacitated, these ensure that your medical and financial matters will be handled according to your wishes by the person you trust most.