Most people don't really think about this question when they are planning what happens to their estate after death, but it's something to consider. The majority of people I meet with tell me that they don't want the government to have any of their money. So why ten do most people with that desire not plan accordingly? Without that proper planning in place, your kids will only see about 60% of the money you leave them after death. The government gets the rest.
Estate planning doesn't just deal with setting up trusts, which is an important thing to do. It involves planning efficient transfer of your assets. So we now think of how your money is going to be taxed upon your passing, how to maximize what goes to the kids, and how to keep the government from taking what you've worked so hard to acquire.