Answer

I would like to determine how a husband and wife should divide their assets, and by whose name the asset should be held in, in order to minimize the impact of estate taxes at the time of death of either, or both.

The estate tax exemption in 2004 and 2005 is $1.5 million per person. From 2006-2008, it will be $2 million. Most Americans do not have to pay estate taxes because the unified credit exemption more than covers the value of their estate assets. If your estate is greater than the unified credit exemption amount, I recommend contacting an estate planning attorney for a review of your assets and personalized advice on how to best title them to minimize estate taxes.