What is Estate Planning

Estate planning involves preparing for the distribution of a person's assets after their death. Key tools include wills and trusts, which help ensure assets are passed to heirs as desired. Advanced planning may involve business entities to manage assets and avoid taxation. Life insurance and other policies can also play a role in estate planning. The goal is to fulfill the decedent's wishes while minimizing tax liabilities.

What is the significance of avoiding taxation in estate planning?

How can life insurance policies be utilized in estate planning?