Everyone wants to pay fewer taxes. Finding legitimate ways to do so is difficult but the tax code is complicated. Understanding it often necessitates the advice of expert counsel. If you're looking to save money on taxes, there are some trusts recognized by the Internal Revenue Service you might want to consider.
For residents of New Jersey, there is a law currently on the books that means that an inheritance can be taxed by the government when it is left to a person's descendants. It is known as the Transfer Inheritance Tax, and it happens during the transfer of the wealth and assets.
Estate planning is very multifaceted. When working with a professional to develop plans for the preservation and distribution of your estate, you'll want to research an array of options. Those options include a will, although if that is the only one used, probate complications can ensue. Another good option is a living trust.