One big concern when designing an estate plan is taxes. After all, it’s the means by which you transfer wealth to inheritors. The act of giving away your property may be subject to taxes on the state or federal level, or even both.
In fact, these taxes could be the largest expense your estate may have to pay. Understanding what these taxes are, how they work, how they may affect your estate, and how they can be minimized is vital to a successful estate plan.