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When does estate planning involve tax planning?
Estate taxes are imposed upon an estate which has a net value — in 1999 — of $650,000 or more. Under current law, that amount will increase, in uneven increments, to $1,000,000 in 2006. For estates which approach or exceed this value, significant estate taxes can be saved by proper estate planning, usually before death and, in the case of married couples, before the death of the first spouse. Estate planning for taxation purposes must take into account not only estate taxes, but also income, gift, property and generation-skipping taxes as well. Qualified legal advice about taxes should be obtained during the estate planning process.
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