The Estate Tax for 2018 is projected to top $11 million. This means that if you and your spouse were to leave less than $11 million to your children, then there would not be an estate tax levied. The estate tax affects a very small percentage of our population, less than 1% in fact. So why does the 99% need Estate Planning? The answer is that tax consequences was always secondary to the purpose of Estate Planning; passing your assets to those that you want, when you want, and how you want them distributed. The purpose of estate planning is to limit family (usually sibling) fighting over money after you pass away. A good estate plan clearly expresses how the distribution is to be done, when, and to whom.
I go one step further and have conversations with the beneficiaries as well, of course with the grantors (person making the estate plan). The purpose is to limit any potential fighting once grantor passes away.
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