Most Americans do not possess more assets than the Federal tax exemption amount.  However, most states have traditionally had their own inheritance tax?  For example, in 2011, Tennessee still had a tax exemption amount of $1 million.  Thus, a $2 million estate in TN would not owe federal taxes to the IRS, but it would potentially owe state taxes on the excess $1 million. 

While estate taxes are not owed by most people when they die, there are many essential questions that are beneficial to address with a local estate planning attorney to ensure that individuals and their loved ones are protected.

        -       Do you have a written Power of Attorney in place, which appoints another to take care of 
     your finances in case you become incapacitated?
-       Have you established a written living will for your health care matters?
-       Are you interested in a trust or trusts to avoid paying too much in taxes and going through
     the probate process?
-       Have you had any significant life changes since your last will was drafted?
-       Do you have any charities that you would like to leave money at your death?
-       Is there possibly a child out there that you are not aware is yours? 
-       Do you anticipate any conflict between your children over certain family heirlooms at your 
     death?
-       Do you have a child with special needs?
-       Is a yearly tax free gifting strategy appropriate for you?

 These are just a sample of the questions that need to be addressed before one passes away.  Spending a few hours with an estate planning attorney now is certainly worth it compared to the wrong guardian for one’s kids, overpaying the IRS, or making a critical mistake trying to write your one’s own will.