The main objective of a successful estate plan should be to cater to the desires you have for your family’s future while at the same time preserving your family’s wealth for future generations. These goals need to be met while minimizing the tax on all estate assets. Your accumulated wealth should be managed so that it is tailored to your specific needs and desires.
The first issue when determining a correct estate plan is whether or not the estate assets will be taxable. The current exclusion amount for estate taxes promulgated by the federal government is 3.5 million dollars. Any amount over this is heavily taxed, but there are several devices out there that can avoid a large portion of this tax depending on the size and scope of the estate.