Key Elements of an Effective Estate Plan for Jane Smith

Jane Smith is a successful entrepreneur who has built a significant fortune through her tech startup. As she approaches retirement, she is concerned about how her estate will be managed after her passing, especially considering her two children are still in their early twenties. She wants to ensure that her estate is distributed according to her wishes and that her children are financially secure without being overly reliant on their inheritance.

Discuss the key elements of an effective estate plan that Jane should consider to address her concerns. Be sure to cover the importance of legal documents, tax implications, and strategies for wealth transfer.