Estate planning strategies refer to the systematic methods used to manage and allocate a person's assets during their lifetime and after their death, ensuring that their wishes are fulfilled and minimizing tax burdens for heirs. These strategies include creating wills, trusts, and other legal documents to control how assets are distributed and to address issues like guardianship for dependents. Effective estate planning is crucial in building a comprehensive financial plan that not only protects individual wealth but also ensures it is passed on according to the individual’s wishes.
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