Estate Planning Basics: Wills, Trusts, and Tax Implications

Create basic estate plan with legal guidance. Wills, trusts, and tax considerations for asset protection.

Basic estate planning protects assets and family according to legal and tax experts. Essential documents: Will (directs asset distribution), Power of attorney (financial decisions), Healthcare directive (medical decisions), Beneficiary designations (retirement accounts, insurance). Trust benefits: Avoid probate, Privacy protection, Potential tax savings, Asset protection. Federal estate tax exemption: $13.61 million (2024). Most estates avoid federal taxes but may face state taxes. Review and update documents regularly.\n\n**Related Resources**\n- [Financial Planning Tools](/tools)\n- [Budget Calculator](/budget-planner)\n- [Credit Guide](/category/Debt%20%26%20Credit)\n- [Money Saving Tips](/category/Save%20Money)