Individuals undertake estate planning for a multitude of issues. While most focus on tax minimization strategy, many factors must be addressed in developing a comprehensive plan. Following are nine key factors that should be discussed during any initial planning.

(1) Estate and Gift Tax Minimization
Proper estate planning provides an opportunity to insure that you maximize all available savings provided by the Internal Revenue Code with regard to estate and gift taxes. Tools available to reduce taxes include:

• Maximizing the unified credit allowance;
• Utilization of the marital deduction allowance;
• Maximizing the generation skipping tax allowance; and
• Use of charitable deductions.

(2) Avoiding Probate
The use of a Revocable Trust Agreement allows assets titled in the name of such an agreement to bypass administration monitored by the probate court. This has the benefit of:

• Avoiding court costs;
• Minimizing attorney and fiduciary fees;
• Avoiding delays caused by court interference; and
• Avoiding other court imposed problems such as restricted accounts and/or requiring a personal representative to post bond.

(3) Avoiding Guardianship
A Revocable Trust takes into consideration the disability of the Grantor of the Trust (person who creates trust document), and provides for the continued management of assets in the event of such a disability. This has the benefit of:

• Avoiding court costs;
• Avoiding court interference and ensuring that personal wishes are respected;
• Avoiding attorney's fees;
• Avoiding guardian fees; and
• Provide for continuity in management of assets, including family business interests.

(4) Providing for Trusts for Children and Grandchildren
Proper estate plans should also consider the use of making gifts to children and grandchildren in trust for a variety of reasons, including:

• Providing for educational and health related costs;
• Providing for grandchildren born after death;
• Spendthrift concerns; and
• Protecting assets from an "in-law", who may otherwise be a "forced heir".

(5) Providing for Continuity of Family Business Interests after Death (Succession Planning)
Often a family business which has been in operation for many years must be liquidated upon the death of the founder of the business. Proper succession planning through an estate plan allows for the continued operation of a family business, and the ability to pass such a business interest down from one generation to the next. This may be especially relevant where certain relatives are actively involved in the operation of a family owned business, while other relatives have chosen other career paths. It is extremely important to determine in advance how a succession plan will be funded, including the use of life insurance proceeds.

(6) Allocating Estate Taxes
Proper estate planning documents will provide you with an opportunity to select what assets or from what shares estate taxes will be paid prior to other assets or interests being appropriated to pay such taxes.

(7) Making Proper Disposition of Personal Effects
Under the terms of your will you have the opportunity to direct how certain personal effects, such as jewelry, art work, furniture, etc. may be gifted to heirs of your choosing. This may be appropriate if you have items of sentimental value that you desire to be given to a select heir rather than being sold by your estate.

(8) Appointing Personal Representatives and Trustees
Proper estate planning allows you, rather than a court, to name a trustee to administer any applicable trust agreements, as well as the personal representative administering the terms of your will. These positions carry significant importance in effectuating intentions regarding your estate (and guardianship of minor children).

(9) Health Care Decisions
A Designation of Health Care Surrogate allows you to designate another individual to make health care decisions on your behalf in instances where you are unable to grant medical consent, or authorize certain medical procedures. An Advance Directive ensures that your medical and end-of-life treatment preferences will be followed in the event that you are disabled or lack capacity.