2. Unless you specify the ownership as joint tenants with the right of survivorship in a Deed, that upon the death of one or more of the owners, that person's interest passes to his estate and not to the surviving owners of the property (except in the case of husband and wife).

3. The gifting of a parcel of land to a child for $1.00 continues the cost basis the parent may have had in the property, therefore a property which has appreciated greatly since the parent purchased the property requires the payment of capital gains tax by the child upon sale of the property on that appreciated amount, unless the child uses the house as his or her personal residence for in excess of two (2) years.

4. Upon the passing of a spouse, who held title with a spouse, a new Deed is not required to be prepared, as the property is solely owned by the surviving spouse.

5. Putting your home or personal assets into a Trust does not relieve your estate from having to pay Inheritance Tax to the State of Pennsylvania at the rate of six (6%) percent (children or grandchildren) or fifteen (15%) percent (nieces, nephews, other relatives), for whoever the beneficiary of the Trust may be dictates the amount of tax required to be paid.

6. Persons who are contemplating estate planning do not use the $10,000.00 annual exclusion per person per year to reduce their taxable estate.

7. In contemplation of estate planning, husband and wife do not split assets in order to qualify for the full credit against estate debt taxes, which is being increased to $1,000,000.00 in the year 2006.

8. Parties contemplating estate planning after turning the minimum age in order to begin taking money out of an IRA only take out the minimum amount required which leaves the maximum amount within their IRA, which is subject to Pennsylvania Inheritance Tax, Pennsylvania and Federal Income Tax, and depending upon what the size of the estate is, Federal Inheritance Tax. Parties should take more than the minimum required and pay Federal Income Tax upon the amounts now and/or open up a Roth IRA, based upon their particular situation.

9. Parties contemplating estate planning over look the value relative to cost of buying life insurance to supplement the payment of Inheritance Tax by their children, whereby if set up properly, the insurance proceeds are not taxable to their estate and do not increase the value of their gross taxable estate.

10. Family businesses fail to incorporate prior to the death of the primary owner and usually parent, and the children are required to mortgage, or even worse, sell the business, to pay the Inheritance Tax imposed by the State of Pennsylvania and/or the Internal Revenue Service for Inheritance Taxes.