A married couple with 2 children and 5 grandchildren has an estate valued at $4 million- They decide to use gifts as a means to transfer some of their wealth to their family now and lower the value of their estate- If for a five-year period the couple give the maximum tax-free gift to each of their children and grandchildren, the value of their estate would be reduced to

What is Estate Planning?
Estate planning is the process of designating who will receive your assets in the event of your death or incapacitation.

Estate planning vs Living will:
Basically, an estate plan is a broader plan of action for your assets that may apply during your life as well as after your death. A will, on the other hand, dictates where your assets will go after you die, who will be the guardian of your children and more.