Estate holders undertake estate planning to provide instructions for managing their affairs after they pass away.
The primary goal of estate planning is to maximize the money and assets passed to beneficiaries while keeping as many options open as possible.
Tax laws are of important to the estate planning process. In the United States, estate planners must be aware of state and federal tax laws.
Wills and Trusts
Estate holders normally dispense their money through wills and trusts. Trusts are usually preferred over wills, as they are more convenient and less expensive.
Inter Vivos Gifts
Inter vivos gifts are another important part of the estate planning process. Inter vivos gifts are given by estate holders to their beneficiaries while they are still alive, in order to reduce taxes.
Last Updated on : 30th July 2013