Conserving the estate by protecting it from depletion due to Estate Tax and other expenses is one of the primary objectives of estate planning. As much as possible, it is the goal of the wealth builder to pass on one’s hard-earned properties to the heirs intact and undiminished.
All too often, however, families are confronted with the difficult reality of estate or death taxes, which if not settled within the legally prescribed period, may have a tremendous impact on the size and value of the inheritance that the heirs will eventually receive. For this reason, tax-planning is resorted to where legally permissible tax-avoidance schemes are employed and incorporated in the estate plan to reduce or avoid estate taxes.
It is important to remember however that tax avoidance is not the only objective of estate planning. There are other far more important considerations in planning apart from tax avoidance which must be given equal attention such as: avoiding conflicts among the heirs; and protecting the interest and welfare of the estate owner.
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