However, the Internal Revenue Service imposes taxes on your estate. An estate tax credit is available for all estates. The amount of this credit will increase over the next several years. Careful planning will enable you to fully utilize the estate tax credit. In addition, spouses can transfer an unlimited amount of assets to each other free of any estate tax.
Income taxes are important considerations for the estate plan.
For many individuals retirement plans are their largest asset. Proper planning will enable you to maximize the deferral of taxes on amounts in the plan allowing such amounts to continue to grow tax-free. You and your attorney will consider all of these tax issues and their impact. The documents prepared by your attorney will be designed to address these issues, while making certain that your distribution wishes are accomplished. Estate Planning and Trusts Trusts come in many shapes and forms.