Your estate tax burden can be reduced by giving gifts to your heirs prior to your death- This has the effect of reducing the value of your estate and thus lowering your tax obligation- As of 2011, each spouse can give up to $________ each year 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.