Whatever state your personal finances are in, it might be a good time to think about protecting both yourself and your heirs now and in the future. Solid estate planning through vehicles such as trusts is one way to ensure your assets and your legacies are protected. Estate tools might also help you solve some financial issues today.
The gross estate is the total value of your estate. The taxable estate is the amount of your estate that counts for the federal estate tax once you take allowed deductions and credits. Because the federal estate tax only kicks in once you meet the taxable estate threshold of at least $5.43 million in value, reducing gross estate values through deductions can be extremely beneficial.