There are high thresholds before a person's estate becomes liable for federal estate taxes. When property in an estate is subject to income taxes, as well, the effect can be tax devastation. Proper planning can reduce those taxes. As a general rule, the larger the estate, the more complex the planning. If there is a family-owned business, sophisticated planning, often in consultation with an accountant, can help to preserve a business for succeeding generations, instead of losing it to pay taxes.
Married couples can minimize taxes through the use of by-pass and other trust techniques.
While leaving everything one owns to one's spouse is often what people want to do, it can be bad tax planning and techniques exist to preserve the financial security of a spouse while leaving less than one's entire estate to that spouse. Many of these planning techniques can be accomplished only through the use of a well-drafted Will. Taxes can also be avoided by making lifetime gifts. Ther is no limit on what can be given to a spouse. How best to utilize this technique can be explained as part of the discussions about your Will.