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Then after his or her death, the money could go to your spouse or children. download free tax software Tax-tips. Passing on the business:If a business is a major part of your estate, you have to dovetail your personal estate planning with succession planning for your business. Do you intend for the business to continue after you die?Do you have someone in training who can take over or a potential buyer in the wings?If you share ownership of your business, are there buy-sell/shareholder agreements in place, perhaps funded throughinsurance? If not, your family could wind up with an interest in a business it doesn''t want, and partners could be saddled with a partner or partners they don''t want. Step 3: Building your teamName an executorName guardians for your children if you and your spouse die while the children are still minors. download free tax software Online-tax-forms. Provide for the management of your assets for the benefit of your children if both spouses die. Name an agent for durable power of attorney for financial matters. You may decide to use a "springing" power of attorneywhich will take effect only if you become unable to manage your own affairs. download free tax software Irs-e-file. Name an agent for your health care proxy. Your agent can make health care decisions for you if you are unable to makethem. Step 4: Reducing the Estate TaxUsing a credit shelter trust. Using the marital deduction to protect your assets from the estate tax will result in not usingyour credit to pass as much as $675,000 to someone else tax-free. To prevent loss of the unified credit of the first spouse to die make sure each spouse has sufficient assets in his or her name to use up the credit. You may have to re-title some joint tenancy property in the name of each spouse. This plan can protect up to $1. 35 million in assets for a married couple. Giving lifetime gifts. If you are financially secure enough to part with assets permanently, what you give away while you''realive can''t be taxed when you die, at least as long as you make tax-free gifts. There is an unlimited marital deduction for gifts made between spouses that can be used to make sure each spouse owns enough to use the unified credit. You can also reduce your estate by making gifts that qualify for the $10,000 annual exclusion.
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