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Estate planning is the process of arranging who will receive your assets when you die. One goal of estate planning is to make sure your wealth and other assets go to those you intend (and not to others), with a particular emphasis on minimizing taxes so that your beneficiaries can keep more of your wealth.
5 main components of estate planning:
- Wills and Trusts. …
- Durable Power of Attorney. …
- Medical or Healthcare Power of Attorney. …
- Living Wills and Advance Directives for Medical Decisions. …
- Beneficiary Designations…