Building an on-off switch into your estate plan
Abstract: When planning an estate, there can be tension between estate tax planning and income tax planning. Strategies for reducing estate taxes typically focus on removing assets from your estate, while strategies for reducing income taxes typically focus on including assets in your estate. The right strategy for any one person is the one that will produce the greatest tax savings for his or her family. This article details the conflict and explains why an “on-off” switch in an estate plan can be beneficial.