The term “estate” refers to your net worth — in other words, everything you own. This includes bank accounts, your home, car, investments, life insurance, real estate — all of your personal possessions. The estate property may be in an individual’s name, held in a partnership, a trust, or in a joint ownership arrangement.
Your estate also includes everything that you owe such as your mortgage and other debts that are outstanding at the time of your death. This is referred to as “estate debt”.
Estate planning is probably the most important financial planning you are going to undertake during your lifetime. Most estate plans are established with the help of attorneys that are experienced in estate laws. At Albani Legal, our legal team is very knowledgeable concerning estate planning. We work closely with our clients to develop a plan which will help to minimize the federal and state tax burden placed on their estate while maximizing the assets intended for their beneficiaries.