Estate Planning
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Okay, this is the one that can't be summarized in a sentence!

Once you have an estate over $1,000,000 (including life insurance payable upon your death), you can afford to speak with a financial planner about your estate, and you can't afford not to do so.   But only go to someone who's charging you directly for their advice and has no products to sell on commission: they're called fee-only planners (not fee-based, fee-only).  A good one will tell you about three intelligent ways to save lots of estate taxes for your kids:

Credit-shelter trust - For married couples, the way to pass $2 million tax-free to the kids (in 2002).

Qualified personal residence trust - The way to give much more than the lifetime limit and still pay no taxes.

Start giving now - Take advantage of the annual $11,000 exclusion (in 2002) and unlimited exclusion for medical and tuition payments.  And make your will out to charity, so your kids have a rooting interest for you to live as long as possible!

There are many elements of estate planning that are relevant to everyone (including those with an estate too small to worry about estate taxes): wills & living trusts, durable powers of attorney for health care and financial decisions, living wills, and directions and love letters for those you leave behind, are all worthwhile to consider.  Some of these documents are available at the web site of the not-for-profit Partnership For Caring.  There is also much useful information and some interesting books and software available for purchase through Nolo Press for those who cannot afford the assistance of an attorney.  Of course, no general information, such as that available at these sites, can substitute for professional advice, and I am not affiliated with either group.