You are now probably thinking that an estate planning trust is very good. It is. But you must be aware that the traditional husband and wife estate planning trust must be written while both the husband and wife are alive. If one of them dies, then the estate plan will not work.
An estate planning trust can save you hundreds of thousands of dollars which you can pass to your children. If you do not make an estate plan, then you will have to pay death taxes. This is the law. The author has handled estate cases for many years and felt that it is a tragedy that some people have to pay hundreds of thousands of dollars of death taxes and probate expenses when it was not necessary. Unfortunately the reality of death and the payment of death taxes occurs after it is too late, that is after the first spouse has died. Of course, there are estate planning techniques that can be done after the first spouse's death, but the main tax benefit, the marital deduction, is gone.
It is also very important that you employ the services of a lawyer who specializes in estate planning. This is a complicated area of the law and the attorney who handles business cases or general matters may not be able to adequately handle your estate planning matters.
The wise person plans for the disposition of his wealth upon his death. Estate planning techniques have been used for generations by Americans who possess estates subject to death taxes. It is time for you to do the same. In America, if you die you will have to pay death taxes if your estate is over $5,450,000 (2016). But if you make an estate plan, perhaps you can legally reduce or pay little or no estate taxes at all.