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Estate Planning is the legal method for an individual to pass his or her estate on to preferred beneficiaries after death. Estate planning also ensures one's assets will not be heavily diminished through taxes. The U.S. government imposes liability of a Federal Estate Tax (sometimes referred to as “death taxes”) and a Federal Gift Tax (sometimes referred to as “inheritance taxes”) on transfers of a deceased person's property. Death taxes are due within nine months after the death. Probate procedures can take anywhere from six months to a year (even without a protest by heirs) and will incur expensive attorney's fees, executor's commissions and court costs. Gifts (even if made shortly before death occurs) will avoid probate, but they will still be subject to death taxes. Estate Planning Components Basically, estate planning is comprised of retirement planning and asset protection, final disposition of a body, final disposition of liabilities (such as taxes) and final disposition of property. Legal forms may be purchased for those who prefer a do-it-yourself route to estate planning, but most soon realize the complexities of estate planning laws are best handled by attorneys with expertise in this area. Continued... By Kathleen Goolsby