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For most people, an estate plan has four parts: (1) a Last Will and Testament, (2) a Financial Power of Attorney, (3) a Health Care Power of Attorney, and (4) a Living Will. This article discusses part four: the Living Will.

For most people, an estate plan has four parts: (1) a Last Will and Testament, (2) a Financial Power of Attorney, (3) a Health Care Power of Attorney, and (4) a Living Will. This article discusses parts two and three of an estate plan: Financial and Health Care Powers of Attorney.

Pop culture has done a terrible job portraying what an estate (and therefore, an estate plan) actually is. There are two truths about estate planning that you should know: First—everybody has an estate. But 60 percent of Americans haven't affirmatively planned what to do with theirs—including a whopping 78 percent of Millennials (born between 1980–1995) and 64 percent of Generation Xers (born between 1965–1980)! Second—everybody has an estate plan (bet you were surprised to know that, huh?). That is, if you haven’t decided what you want to be done with your property when you die, then you’re planning for Uncle Sam to decide for you. If that thought is cold comfort to you, then be sure to read our series of articles about Essential Estate Planning to find out more about what estate plan actually is and to begin to think about what kind of plan is right for you and your family.

Everyone worries about taxes and looks for ways and means of reducing their tax burden. But for business owners, this worry can be especially acute because there are additional taxes, different reporting requirements—and more financial landmines to avoid.