We can take a lesson from Mark Zuckerberg and Dustin Moskowitz, the founders of Facebook. Both young, unmarried and with no children, they still did estate planning to save a bundle n estate and gift taxes for their beneficiaries - maybe their as yet unborn children and grandchildren. They used a technique called a Grantor Retained Annuity Trust (GRAT).
Tax season is just over. The filing deadline of April 17 is past. (My son, as a little kid, said he thought there were five seasons - spring, summer, fall, winter and tax season.) As soon as you have calculated the damages for your 2011 Form 1040, the next question for most taxpayers is what can be done to reduce taxes in the future?