Taxes Trusts Insurance Gifting Links Estate Planning is a very important and often overlooked activity. Overlooking your estate plan during you lifetime can lead to many problems at death. There may also be a financial burden placed on your loved ones. Cost for a final illness, a funeral and income for those left behind.
Most states also impose their own estate tax.
If there aren't enough liquid assets to pay estate settlement costs, other assets may have to be liquidated to pay estate taxes. Many estate planning techniques are now available to help reduce the amount of your estate taxes. Some of these include well designed wills and trusts . Life Insurance can provide the liquidity necessary to provide for any tax burden. The insurance can be placed into a irrevocable insurance trust, where the proceeds will not be subject to estate taxes.