Tax planning and estate planning are important considerations for individuals and businesses. Depending on your individual circumstances, through careful planning you may legally minimize your tax liability for yourself, your business, or your estate. You should not pay any more taxes than you are legally obligated to, whether the tax is on your income, gifts or your estate. It’s also important to recognize that paying taxes is a legal obligation. Ignorance of the law is no excuse especially to the IRS. Having competent legal and tax counsel makes for good business sense.