"Most people don't realize that we have two systems of taxation. One taxes income as it's earned; the other taxes wealth as it changes hands. During a person's lifetime, we call this transfer tax the gift tax. At his or her death, we call it the estate tax, and it could carry significant tax consequences for you and your beneficiaries.

That's why estate planning is so important.

Should you worry about the estate tax?" -[Estate Planning Practice Blog]

Filed under: Estate Planning - Generally, Estate Tax, Gifts and Gift Tax, Tax