It says, in effect, that society is more deserving of the fruits of a person's labor than family members. That's wrong in my book. Effective estate planning The rate of the death tax can be as high as 55 percent of the value of the estate. Many people have tried to take steps to do effective estate planning to minimize the tax liability. Sometimes we forget that the most important role of estate planning is an attempt in arranging a way for the survival of the business when death occurs.
Estate planning is time-consuming.
Since it deals with laws, lawyers, judges, heirs and creditors, it is not accurate science. It takes money for lawyers, accountants and insurance to fund the plan. Sometimes this need for funds creates conflict and question as to whether funds would be more profitably employed as operating capital in the business, rather than estate planning. I do not mean to imply that estate planning is unimportant. It is extremely important.