In your lifetime, you may receive property from older family members, and later you may pass property on to the next generation. Most of us will not decide who gets our property nor how it is transferred. A few years ago, a nationwide tax publication indicated that seven out of eight people die without a will, sending $100 million through probate courts each week. Many people will work 40 years for their families but will not spend one day to see their property is transferred as they wish.

One reason for planning is to reduce estate taxes. Most people do not realize the value or potential value of the property they own. Under present law with 10 percent inflation, property now valued at $400,000 will be worth $2.7 million and be taxed at almost $1 million if it transfers 20 years from now to surviving children. Rapidly rising property values make high estate taxes a real possibility, even with the new laws.

Most estate problems are "people problems" not "tax problems," so estate planning is important regardless of the amount of property you own.