You don't have to be wealthy or elderly to create an estate plan. If you recently retired with a bigger pension than you imagined, or simply want to leave gifts to your loved ones instead of to the government, then you might want to think about estate planning.

Put simply, estate preservation is a plan to create, conserve, and transfer wealth — during your lifetime, as well as at your death. Just knowing a few basic facts about how your estate will be taxed will help you protect your family or business in the case of your disability or death.

To get you started, here are a few answers to some basic questions:

What taxes will be levied on my estate after death? Information on federal and state taxes affecting estates or inheritances What is taxable in my estate? More information on estate taxes What can I deduct from my estate? Exclusions and deductions from gift and estate taxes Inherited IRAs An important part of the legacy you leave to your loved ones

What are some estate planning tools and techniques I can use? Information on life insurance, lifetime gifts, wills, specialized trusts, durable power of attorney, and retirement plans How does the 2001 tax cut bill affect my estate taxes? Highlights of the 2001 tax cut Maintaining Privacy: How Life Insurance and Annuities Can Help Life insurance policies and annuities provide an important benefit when it comes to privacy and the disposition of assets

Since 1845, New York Life has kept families and businesses secure through the Civil War, two World Wars, the Great Depression, and numerous recessions. Fate may be unpredictable, but New York Life's promise to your beneficiaries is not.

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