There's a common misperception that estate planning is reserved for the wealthy, as an attempt to shield assets from the grasp of Uncle Sam—but nothing could be further from the truth.
In fact, estate planning is giving what you have to whom you want, the way you want, when you want and with the least amount of taxes and expenses possible.
Keep in mind that your estate is anything you own or have control over. That would include equity in your house, retirement accounts, a business or the proceeds of a life insurance policy. The manner in which you title these assets can have a profound financial and emotional impact on the beneficiaries.