The mission of estate planning is prove why you need a will and trust, directives and proper titling of assets.
What is estate planning? An approach to distributing property with the least amount of obstacles in the least amount of time.
Professional advisor perspective: Create a scenario highlighting the spouses, community and joint gross estate values and the potential tax concerns at the second death.
Vision: Design a plan for you and your assigned loved one to manage the distribution of the estate.
Goal: To motivate the patient/survivor and family to create a legacy based upon your plan and not the government's plan for estate liquidation.
Strategy: Minimize the amount of estate taxes and estate costs at prior to and after the passing of a loved one.
Tactic: Ensure the family and loved ones are in agreement with the numbers, goals, and strategies.