Description Annual exclusion This is the amount that can be given as a gift each year without the transaction being subject to the federal gift tax law. This is an informal memorandum that is distinct from a will that contains suggestions and recommendations for carrying out a decedent's wishes. This is the process of developing a plan to administer and distribute a person's assets after death in a manner consistent with his or her wishes and the needs of his or her survivors, while also minimizing taxes. This refers to the court-supervised disposition of a decedent's estate. This refers to the control that removes a testator's freedom of choice, including physical or mental coercion, inordinate flattery, threats, and/or misrepresentations