Estate planning is about control and providing for your loved ones. It allows you to determine where and to whom your money and property goes after you die. Estate planning includes: wills, will substitutes, trusts, tax considerations, various types of insurance, and items related to your particular circumstance.

Your estate includes all debts and positive balance in your portfolio, from your property and financial accounts to your baseball card collection. When planning for your future, it is important to understand the different types of property, as well as what the rules are, so you can minimize what your estate will have to pay in taxes. Property is typically put into one of the three following categories: real property, tangible personal property and intangible personal property. In addition to understanding the type of property you possess, it is also important to determine what your interest is in the property.

Based on the categorization of the property, your estate will have to pay federal and state taxes based on a complex set of rules and laws. The attorneys at Isaac, Brant, Ledman & Teetor LLP understand the importance of protecting as much of your money as possible and not letting the government determine where your money goes.