Estate planning is documentation that an individual prepares to protect one’s assets in the event of his or her passing. The documentation will include the use of certain legal entities and documents which would include a variety of Revocable and Irrevocable Trusts, Wills, Powers of Attorney over Asset Management, Powers of Attorney over Healthcare Conditions (now referred to as Advanced Healthcare Directives). The goal of estate planning is to insure one’s assets pass to the intended recipient after one’s demise, or during one’s lifetime, with as little time, expense and depreciation to the estate assets as possible. Gifting plans may be utilized to bring down the size of an estate to reduce estate taxes, capital gains tax or other taxes. Estate planning is also to insure that management of assets and healthcare conditions are also taken care of in case one becomes incapacitated.