You might think that the doubling of the amount exempt from federal estate and gift tax ($11.7 million per person in 2021) would reduce the need for estate planning, given that so few families will now need to worry about this tax. But you would be wrong in that thought, because controlling estate taxes was never the primary object of a sound estate plan. Family financial protection has always been the real goal, and tax efficiency simply supports that goal.

Here are five examples (names fictitious, of course) of non-tax objectives that may be addressed through thoughtful estate planning. For each, a trust plays a crucial role in the solution.

Tony has had trouble "finding himself." He dropped out of college, has never had a stable relationship, and has been working at series of menial jobs. He had some drug problems as a student, but the rehab stay seems to have done him some good. Still, Tony has never been good at managing money.

Providing Tony's inheritance in trust, instead of outright, will protect that money for Tony's life. A trust turns what could have been a windfall into a long-term financial resource. The assets will also be shielded in the event Tony marries and subsequently divorces. The trustee may be provided with discretion in making trust distributions, and standards of support may be identified. There will be resources if Tony requires another round of rehab.

Alice is near the high-functioning end of the autism scale. Her education has gone well, and she's hopeful about getting a job. Still, Alice is not likely to achieve financial independence. She's likely to need government benefits, such as Medicaid and Supplemental Security Income all of her life.

A special needs trust could improve Alice's financial life without impairing her access to need-tested benefits. A variety of restrictions apply to these trusts, but they can make a real difference in quality of life for a special needs person.

Dorothy's successful ob-gyn practice is a source of great pride for the family -- she was the first child to go to college, and the first to become a doctor. But even the most successful doctors have to be concerned about the threat of malpractice lawsuits.

An inheritance in a discretionary trust for Dorothy, and perhaps for her children, will protect those assets from any future claims that might be made against her. The trustee should be an independent third party.

Sam and Janet had two kids when Janet was diagnosed with the breast cancer that ultimately took her life. A few years later Sam remarried, and he and Liz have had two children together.

This sort of "blended" family structure has become increasingly common. Balancing the financial needs of multiple generations can be quite challenging. One approach to securing an inheritance for both a surviving spouse and children is the Qualified Terminable Interest Property Trust, known as a QTIP trust. The spouse will receive all the trust income, paid at least annually, for life. When the spouse dies, the remaining trust assets are divided among younger beneficiaries, as specified in the trust document.

The Smiths are local celebrities. What started as a local dairy store has blossomed into a small chain of popular grocery stores, named for the grandfather-founder, Jim Smith. The Smiths have become big supporters of the local arts community.

It's no surprise, given their prominence, that members of the Smith family are often approached for making donations of one sort and another. They have a convenient response in this situation--"Our trustee handles those inquiries." The family wealth is managed in a collection of trusts, which allows them to deflect uncomfortable questions. What's more, the trusts keep all the details of the family wealth structure private, out of the public eye.

Have these brief examples stimulated your thinking? Could a trust-based wealth management plan be beneficial for you and your family? We have just skimmed the surface of the possibilities. Perhaps the most important aspect of trust planning is that there are no cookie-cutter solutions; every trust plan is crafted for its specific creator and beneficiaries.

Trust administration is our business. We will be pleased to put our expertise at your service. Please call upon us at your earliest convenience.

Pop superstar Prince's estate has filed an estate tax return, and the IRS doesn't like it. The Service has asked for an additional $32.4 million in estate taxes and $6.4 million as a penalty for substantial understatement of tax. The estate has taken the matter to the Tax Court.

The issue is valuation, as one would expect. For example, the estate reported Paisley Park, Prince's home, to be worth $5.1 million, but the IRS said $7.6 million. Prince's right of publicity was worth $3.2 million per the estate, $6.2 million by the IRS' calculations. The estate says that the value of Prince's interest in NPG Records was $19.4 million; the IRS came up with $46.5 million. And so on.

The estate also asserts that it relied upon qualified appraisers in making good faith determinations of value, and so the large tax penalty is not appropriate.

Prince died without a will, and therefore the settlement of his estate has been very contentious. The estates of entertainers often have tax vulnerabilities that can be difficult to resolve, especially if it turns out that they are worth more dead than they are alive. The right of publicity after death can be extremely lucrative, but it is very hard to put a price tag on that at the moment of death. Both Paul Newman and Robin Williams, to note just two examples, took elaborate steps in their estate planning to control the usage of their likenesses for commercial purposes after their deaths. In so doing, they also controlled the tax consequences to some extent.

Taxes at death are not the primary reason for getting an estate plan in order, but neither should they be overlooked. Although the federal estate tax may be the most notorious tax at death, there are many other tax considerations to take into account. If you don't have a will -- or if your will is many years old -- you should schedule an early meeting with an estate planning professional.