Will the Lack of an Estate Tax or a High Exemption Impair Necessary Estate Planning

A simple fact most people know is that death is an unpleasant topic and people do not like to talk about it, which often causes many people to put off implementing a comprehensive estate plan. Although there is a difference of opinion regarding whether an estate tax should exist--it does serve one useful purpose. It does motivate many people to do wealth transfer planning, which is comprised of estate tax elimination or minimization and how property should be inherited with trusts frequently used to solve the estate tax problems for children and grandchildren as well as protect the inherited assets from creditors of a beneficiary or a beneficiary's spouse in a divorce proceeding. A well crafted plan can also help eliminate or minimize probate expenses, avoid Will contests, and other fights among family members. If there is not the estate tax to drive a person to the planning table will other planning that would be beneficial to a family be neglected?

Let's hope not--but from experience, I know many persons will procrastinate too long if the estate tax threat is not there to motivate them to plan.