Bob Ward, estate and tax planning attorney with offices in Vancouver and Maryland, joins Mike to discuss various aspects of estate planning, especially as it relates to taxes.

* How does the tax system affect estate planning?

* What is the gift and estate tax exemption?

* What is a trust and how does it impact estate planning?

* Who is a settlor, a trustee, or a beneficiary on a trust? What are their various roles?

* What are the advantages to acting sooner rather than later on gifting assets?

* What is a generation skipping trust?

* What are some other considerations regarding inheritance? (What if a child get sued? What if they are in a bad accident? What if…?)

* How do state laws affect second or third marriages?

* How do you set up a trust to save current taxes, give to charity, and still give money to your children?