What is estate planning primarily concerned with?

Estate planning is primarily concerned with planning for the transfer of a person's assets after death. This process involves a comprehensive strategy to ensure that an individual's wishes regarding their assets are honored and that those assets are distributed according to their desires. It addresses important considerations such as minimizing taxes, avoiding probate, and providing for dependents or beneficiaries.

Estate planning includes creating wills, setting up trusts, establishing powers of attorney, and making healthcare directives. Each of these components plays a crucial role in determining how an individual’s financial legacy is handled, protecting the interests of loved ones, and ensuring that the estate is managed according to the individual's preferences.

The other options, while related to financial and family planning, do not capture the essence of estate planning. Managing real estate investments relates to the maintenance and value appreciation of property during a person's life rather than the post-death transfer of assets. Developing a budget for retirement living focuses on how to sustain income and expenses in retirement, and acquiring insurance for family members pertains to risk management during one's lifetime, rather than handling asset distribution after death. Thus, the correct choice encapsulates the core purpose of estate planning effectively.