UNDERSTANDING THE FEDERAL GIFT AND ESTATE TAXES

Many people equate "estate planning" with "estate tax planning."  While that is probably too narrow a view, there is no question that taxes are a major planning issue for those with relatively large estates. That includes a lot of people who might never have been in this category if not for the booming stock market of the 1990s. Many of these people can fairly easily save hundreds of thousands of tax dollars as they transfer wealth to their descendants. Recent tax law changes have complicated the picture, however, and experts are cautioning most of us to consult with professional advisors to re-evaluate our estate tax planning. In preparation for that review, this tutorial will help you with the following topics: 

What Is Included in a Person's Estate for Federal Tax Purposes? Federal Gift and Estate Tax Law in a Nutshell Exclusions and Deductions From the Federal Gift and Estate Taxes Lifetime Gifts Versus Transfers at Death Understanding Estate Taxes Can Save You Money

Let us begin by addressing the most basic question.