Some states clearly think that estate taxes are nothing but unnecessary taxes. For example, Florida does not have an estate tax, which is why so many people go there -- along with the sunshine and warm weather, of course -- as they grow older.
One of the most important parts of estate planning is understanding how much of the estate will be subject to taxes. This is determined by a variety of factors, such as how the estate plan is structured. The Internal Revenue Service sets specific monetary limits that must be understood and adhered to for estate planning to be successful.