Estate planning is not just about who inherits your assets, but how much they keep after taxes. With federal exemptions near $14 million per person and lower state thresholds in many jurisdictions, strategic planning matters. This guide explains estate and gift taxes, step-up in basis, trust tax brackets, and the differences between revocable and irrevocable trusts. Learn how structures like ILITs and GRATs can reduce exposure and preserve long-term family wealth.