Trusts are excellent tools to provide for heirs with special needs, to reduce estate taxes or to manage money for those without the expertise to manage it themselves. For larger estates, estate planning also involves minimizing and offsetting the effects of estate taxes. State inheritance taxes and other administrative expenses can further erode your estate. A complete estate plan includes arranging your trusts, will, property ownership and beneficiary designations, to make sure assets are distributed to the people you select, while reducing taxes and expenses. It can actually be more important for people with small estates to plan properly, to make sure all their assets go to the people they desire.
Estate planning is an ongoing process.
Changes in your personal situation, residency, or tax laws require that your estate plan be reviewed. For more information on estate planning, contact an attorney or other professional in your area who specializes in estate planning.