The process of estate planning can involve the implementation of wealth preservation strategies if you are exposed to the federal estate tax. This tax is not applicable on transfers to your spouse if you are married to an American citizen, but it can be applied on transfers to others.
When you consider the implications, the logical response would be lifetime gift giving. You could essentially give your loved ones their inheritances in advance while you are living to avoid the estate tax.
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Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill.
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