The estate must still be distributed and supervised by the court. The intestate status merely makes estate administration more difficult and often more expensive. Will There are numerous benefits to having a will. Minor or handicapped children may also have special needs addressed in a will. Your generosity not only helps the College achieve its goals but also helps you save taxes.
Many people assume that federal estate taxes are no longer a problem.
Substantial estate tax savings are possible when assets are placed in a properly drafted trust for the benefit of a surviving spouse. The trust will pay all of the income to the spouse, supplemented, if needed, with distributions of principal. The trust assets will not be included in the survivor's estate for the estate tax purposes.