Bitcoin Short-Term Capital Gains Tax 2026: Rates, Rules & How to Minimize It

The U.S. tax code divides capital gains into two categories based on a single variable: time. Hold Bitcoin for more than 12 months and your gain qualifies for preferential long-term capital gains rates — 0%, 15%, or 20% depending on income. Sell before 12 months and the gain is classified as short-term — taxed at your ordinary income rate, the same rate that applies to your salary, bonuses, and interest income. At the top bracket, that's 37% federal before the 3.8% NIIT and state taxes pile on.

This is not a minor distinction. For a high-income investor who sells a $1,000,000 Bitcoin position one day before the 12-month mark instead of one day after, the incremental federal tax is $170,000. Add California state tax and you're looking at $303,000 in additional tax — for 48 hours of impatience.

This guide covers every dimension of Bitcoin short-term capital gains: how the holding period is calculated, what the actual tax rates are in 2026, how short-term gains stack on top of other income, the NIIT surcharge, lot selection strategies, the wash sale advantage unique to Bitcoin, entity structures for active traders, quarterly estimated payment requirements, state-by-state variation, gifting strategies, and the tactical playbook for converting short-term positions to long-term. Whether you're a CPA advising Bitcoin clients, a financial advisor modeling after-tax returns, or a Bitcoin holder who just sold too early and needs to understand the damage — this is the complete reference.

Short-Term vs. Long-Term: The One-Year Line

Under IRC §1222, capital gains and losses are classified by holding period:

• Short-term: Asset held for 12 months or less. Gain taxed as ordinary income at rates from 10% to 37%.
• Long-term: Asset held for more than 12 months (at minimum 12 months + 1 day). Gain taxed at preferential rates of 0%, 15%, or 20%.

The language matters: IRC §1222 requires the holding period to be "more than 1 year" — not "1 year or more." Exactly 365 days (in a non-leap year) is still short-term. You need at least 366 days. One extra day is the dividing line between a 37% tax rate and a 20% tax rate on the same gain. For a detailed breakdown of the preferential rates on the other side of that line, see the Bitcoin Long-Term Capital Gains Guide.

How the Holding Period Clock Works

The holding period begins the day after the date of acquisition and includes the date of disposition. This is the IRS counting convention under Rev. Rul. 66-7. So if you purchase Bitcoin on March 15, 2025:

• Holding period begins: March 16, 2025
• 12-month anniversary: March 15, 2026 (still short-term — exactly 12 months)
• First long-term eligible date: March 16, 2026 (more than 12 months)

Sell on March 15, 2026: short-term. Sell on March 16, 2026: long-term. Same Bitcoin, same cost basis, same proceeds — potentially $170,000 different tax bill on a $1M gain.

Hard Forks, Airdrops, and Mining: When Does the Clock Start?

Different acquisition methods start the clock differently:

Exchange purchases: The trade date (order execution date), not the settlement date. Holding period begins the following day.

Mining income: Bitcoin received through mining is first taxed as ordinary income at fair market value on the date received (Rev. Rul. 2014-21). The holding period for that mined Bitcoin begins the day after receipt. If you mine Bitcoin on June 1, 2025, and sell it on June 3, 2026, the appreciation above your mining-date basis is a long-term capital gain. Sell it on June 1, 2026, and that appreciation is short-term. The initial ordinary income at mining is taxed regardless — you're only controlling the character of the subsequent gain.

Airdrops and hard forks: Per Revenue Ruling 2019-24, airdropped tokens are ordinary income at fair market value when you have dominion and control. The holding period for the new tokens begins that date. For hard forks, the clock starts when the new chain's coins are accessible in your wallet.

Gifts received: Under IRC §1223(2), you inherit the donor's holding period ("tacking"). If the donor held Bitcoin for 9 months before gifting it to you, and you hold it for 4 more months, your total holding period is 13 months — long-term treatment, even though you personally held it only 4 months.

Inherited Bitcoin: Always long-term, regardless of the decedent's actual holding period. Plus the heir typically receives a stepped-up basis under IRC §1014, eliminating all embedded gains. This is the ultimate holding period exemption — covered in detail in the Bitcoin Estate Planning Guide.

2026 Ordinary Income Tax Brackets and Bracket Stacking

Short-term capital gains are taxed at your ordinary income rate. They don't have their own rate schedule — they simply stack on top of your other income (wages, business income, interest) and fill the next available bracket. This bracket-stacking effect is the mechanism that makes large short-term gains so expensive.

2026 Federal Ordinary Income Tax Brackets

Tax Rate	Single	Married Filing Jointly	Head of Household
10%	$0 – $11,925	$0 – $23,850	$0 – $17,000
12%	$11,926 – $48,475	$23,851 – $96,950	$17,001 – $64,850
22%	$48,476 – $103,350	$96,951 – $206,700	$64,851 – $103,350
24%	$103,351 – $197,300	$206,701 – $394,600	$103,351 – $197,300
32%	$197,301 – $250,525	$394,601 – $501,050	$197,301 – $250,500
35%	$250,526 – $626,350	$501,051 – $751,600	$250,501 – $626,350
37%	Over $626,350	Over $751,600	Over $626,350

The Bracket-Stacking Problem

Here's what most investors miss: short-term Bitcoin gains don't just get taxed at whatever bracket the gain itself falls into. They stack on top of all your other income and push everything higher. Consider a married couple with $300,000 in W-2 income (sitting in the 24% bracket). They realize a $500,000 short-term Bitcoin gain:

• First $94,600 of the gain fills the rest of the 24% bracket → $22,704 tax
• Next $106,450 fills the 32% bracket → $34,064 tax
• Next $250,550 fills the 35% bracket → $87,693 tax
• Remaining $48,400 spills into the 37% bracket → $17,908 tax

Total federal tax on the $500,000 short-term gain: $162,369 — an effective rate of 32.5%. And this is before the 3.8% NIIT and state tax. The same $500,000 held for one more day and sold as a long-term gain would have been taxed at 15% for most of it, with a small slice at 20% — roughly $82,500. The bracket-stacking effect alone costs this couple nearly $80,000.

The True Cost of Short-Term Trading

The arithmetic is brutal. Here's what short-term treatment actually costs at the top bracket compared to long-term treatment — federal only, top bracket, including NIIT:

Bitcoin Gain	Short-Term Tax (37% + 3.8%)	Long-Term Tax (20% + 3.8%)	Cost of Selling Early
$50,000	$20,400	$11,900	$8,500
$100,000	$40,800	$23,800	$17,000
$250,000	$102,000	$59,500	$42,500
$500,000	$204,000	$119,000	$85,000
$1,000,000	$408,000	$238,000	$170,000
$5,000,000	$2,040,000	$1,190,000	$850,000

The One-Day Difference

On a $100,000 gain, waiting one extra day — from day 365 to day 366 — saves $17,000 in federal tax. That's $17,000 for 24 hours of patience. There is no other risk-free return in finance that pays $17,000 per day. And the math scales linearly: on a $1M gain, that single day is worth $170,000.

Compounding Over a Trading Career

Now compound this over years of active trading. An investor who generates $200,000 in short-term gains annually — instead of holding for long-term treatment — pays an additional $34,000 per year in federal tax. Over 20 years, that's $680,000 in additional tax, before accounting for the investment returns those dollars would have generated. At a 7% annual return, the compounded opportunity cost exceeds $1.4 million. The short-term tax premium is not just a one-time cost — it's a structural drag on wealth accumulation that compounds relentlessly.

The NIIT Surcharge on Short-Term Gains

The 3.8% Net Investment Income Tax (IRC §1411) applies to the lesser of (a) your net investment income or (b) the amount by which your modified adjusted gross income exceeds the threshold: $200,000 for single filers, $250,000 for married filing jointly, $125,000 for married filing separately.

Short-term Bitcoin capital gains are net investment income. There is no distinction in the NIIT between short-term and long-term gains — both are taxed. But the NIIT stacks on top of the already-higher ordinary income rate for short-term gains, creating a particularly punishing combined rate.

Combined Federal Rates

• Short-term Bitcoin gain (top bracket + NIIT): 37% + 3.8% = 40.8% combined federal
• Long-term Bitcoin gain (top bracket + NIIT): 20% + 3.8% = 23.8% combined federal

The spread is 17 percentage points. On every dollar of short-term gain above the threshold, you pay 17 cents more than you would have paid by waiting for long-term treatment.

Add State Tax: The 50%+ Marginal Rate

State income tax stacks on top of federal. Most states tax short-term capital gains at the same ordinary income rate as all other income. For high earners in high-tax states, the combined marginal rate on short-term Bitcoin gains exceeds 50%:

State	Top State Rate	Combined with Federal (40.8%)
California	13.3%	54.1%
New York (+ NYC)	10.9% + 3.876%	55.6%
New Jersey	10.75%	51.55%
Oregon	9.9%	50.7%
Minnesota	9.85%	50.65%
Wyoming / Florida / Texas / Nevada	0%	40.8%

A California resident in the top bracket who sells $1,000,000 in Bitcoin held for 11 months pays approximately $541,000 in combined federal and state tax. The same gain held one more month: approximately $307,000 (23.8% federal + ~7% effective CA rate on long-term gains since CA taxes all gains at ordinary rates). That's $234,000 for 30 days of patience.

Specific Identification vs. FIFO

When you sell Bitcoin, you need to identify which Bitcoin you're selling. If you've accumulated coins across multiple purchases — DCA buys, lump sums at different dates — each purchase creates a separate tax lot with its own acquisition date and cost basis. The lot you select determines whether the gain is short-term or long-term, and how large the gain (or loss) is.

FIFO: The IRS Default

If you don't specify which lot you're selling, the IRS default is First In, First Out (FIFO). Your oldest lot is deemed sold first. This can work in your favor — if your oldest lot has been held more than 12 months, FIFO automatically gives you long-term treatment. But it can also work against you: if your oldest lot has the lowest cost basis, FIFO maximizes the gain even if newer lots have a higher basis that would produce a smaller gain.

Specific Identification: Choosing Your Lot

Specific identification lets you designate exactly which lot you're selling. This is the single most powerful day-to-day tax tool for Bitcoin investors with multiple lots. You can:

• Sell the longest-held lot first to ensure long-term treatment (if it qualifies)
• Sell the highest-basis lot first to minimize the realized gain
• Sell a losing lot to harvest a loss while keeping appreciated lots intact
• Skip short-term lots entirely and only sell lots with long-term holding periods

Documentation Requirements

The IRS requires that specific identification be made at the time of sale — not retroactively. You must identify the lot before or at the time of the transaction. After the fact, you cannot look at your lots and retroactively choose the most favorable one. In practice, most crypto tax software handles this automatically by allowing you to set a cost-basis method (FIFO, LIFO, HIFO, or specific ID) and applying it consistently. But the principle matters: document which lots you're selling before you sell, not after.

The Wash Sale Advantage: Bitcoin's Structural Edge

Under IRC §1091, the wash sale rule prevents investors from claiming a loss on a security if they purchase a "substantially identical" security within 30 days before or after the sale. This applies to stocks, bonds, options, and ETFs.

It does not apply to Bitcoin.

As of 2026, Bitcoin is classified as property under IRS Notice 2014-21 — not a security. The wash sale rule's plain language applies only to "stock or securities." Bitcoin is neither. This means you can:

1. Sell Bitcoin at a loss on Monday
2. Immediately repurchase the same amount of Bitcoin on Monday
3. Claim the full loss on your tax return
4. Continue holding Bitcoin with an unchanged economic position but a reset (higher or lower) cost basis

This is extraordinarily powerful for managing short-term gains. If you have a short-term gain in one Bitcoin position and a short-term loss in another, you can harvest the loss to offset the gain — and immediately repurchase the losing position to stay in the market. With stocks, the 30-day wash sale window would force you out of the position or disallow the loss.

The ETF Caveat

Bitcoin ETFs (like spot Bitcoin ETFs) are securities. If you sell a Bitcoin ETF at a loss and repurchase the same ETF within 30 days, the wash sale rule applies and the loss is disallowed. The no-wash-sale advantage is specific to direct Bitcoin ownership, not to Bitcoin exposure through securities wrappers. This is one of several reasons direct Bitcoin ownership remains tax-superior to ETF exposure for active tax management. For the full mechanics, see the Bitcoin Tax-Loss Harvesting Guide.

Tax-Loss Harvesting to Offset Short-Term Gains

Tax-loss harvesting — selling positions at a loss to offset realized gains — is the primary tool for reducing short-term capital gains tax. The ordering rules under IRC §1(h) make short-term losses particularly valuable:

The Netting Order

1. Short-term losses offset short-term gains first. This is the most valuable offset because short-term gains are taxed at ordinary income rates (up to 40.8% with NIIT). Every dollar of short-term loss that offsets a short-term gain saves up to 40.8 cents in federal tax.
2. Net short-term losses then offset net long-term gains. If your short-term losses exceed your short-term gains, the excess offsets long-term gains — but this is less valuable because long-term gains were only taxed at 23.8% maximum.
3. Net capital losses offset ordinary income, up to $3,000/year. After offsetting all capital gains, excess net capital losses can offset up to $3,000 of ordinary income per year ($1,500 for married filing separately). Unused losses carry forward indefinitely.

The Value Differential

A $50,000 short-term loss that offsets a $50,000 short-term gain saves $20,400 in federal tax (at 40.8%). The same $50,000 loss applied to a long-term gain saves only $11,900 (at 23.8%). Short-term losses are 71% more valuable than long-term losses when you have short-term gains to offset. Always harvest short-term losers first.

Strategic Loss Harvesting Calendar

Bitcoin's volatility creates frequent harvesting opportunities. A disciplined calendar approach:

• Monthly review: On the first of each month, review all lots for unrealized short-term losses exceeding $5,000. Harvest and immediately repurchase (no wash sale restriction).
• Post-crash harvesting: After any 15%+ Bitcoin drawdown, immediately audit all lots. Market crashes create the deepest loss-harvesting opportunities — harvest aggressively.
• Year-end sweep (November–December): Final pass to harvest any remaining short-term losses before year-end. Match against realized short-term gains from the year. The December 31 deadline is absolute — you cannot retroactively harvest January losses against the prior year's gains.
• Carryforward planning: If you have no gains to offset this year, harvested losses carry forward. The $3,000 annual deduction against ordinary income is small — but the unlimited carryforward against future gains is powerful. Build a loss reserve in down years and deploy it against gains in future years.

Entity Structures for Active Traders

For investors whose Bitcoin activity crosses the line from "investing" to "trading" — frequent transactions, short holding periods, the intent to profit from short-term price movements — different entity structures can dramatically change the tax profile of short-term gains.

Trader Tax Status and the §475 Mark-to-Market Election

Under IRC §475(f), a taxpayer who qualifies as a "trader in securities or commodities" can elect mark-to-market accounting. While Bitcoin's classification under §475 is still debated (it's property, not a security or commodity in the traditional sense), some practitioners argue that active Bitcoin traders can make this election. The consequences:

• All gains and losses are treated as ordinary (not capital)
• The $3,000 capital loss limitation disappears — ordinary losses are fully deductible against all income
• All open positions are marked to market at year-end (phantom gains/losses)
• The election must be made by the due date of the prior year's return (typically April 15)

For traders with volatile years — $300,000 in gains one year, $400,000 in losses the next — the §475 election can be transformative. Without it, capital losses exceeding gains can only offset $3,000 per year of other income. With it, the full $400,000 loss offsets other income in the loss year. The downside: all gains are ordinary (no long-term treatment), and year-end mark-to-market can create tax on unrealized positions.

C-Corporation for Active Trading

A C-corporation pays a flat 21% federal tax rate on all income — including short-term trading gains. Compare that to the 37% top individual rate (plus 3.8% NIIT). For a pure trading operation generating $500,000 in annual short-term gains:

Structure	Federal Tax on $500K Short-Term Gains	Effective Rate
Individual (top bracket + NIIT)	$204,000	40.8%
C-Corporation	$105,000	21%
Savings from C-Corp	$99,000/year

The catch: C-corp earnings are subject to double taxation when distributed. Dividends to shareholders are taxed again at 20% + 3.8% NIIT (23.8%). If you need the cash, the combined rate is roughly 21% + (79% × 23.8%) = 39.8% — nearly identical to individual treatment. The C-corp only saves money if earnings are retained inside the corporation and reinvested, deferring the second layer of tax indefinitely.

S-Corporation Considerations

An S-corporation passes income through to shareholders at individual rates — no corporate-level tax benefit for short-term gains. However, an S-corp can be useful for traders who also provide services (consulting, advisory), allowing reasonable salary + distribution splits that may reduce self-employment tax on the service income. The trading gains themselves flow through at ordinary rates, same as individual.

Estimated Tax Payments

Unlike wages, Bitcoin gains have no withholding. No employer is sending 37% of your trading profits to the IRS throughout the year. If you realize significant short-term gains and don't make estimated tax payments, you'll face underpayment penalties at filing.

Quarterly Due Dates (2026)

Payment Period	Due Date	Income Period Covered
Q1	April 15, 2026	January 1 – March 31
Q2	June 15, 2026	April 1 – May 31
Q3	September 15, 2026	June 1 – August 31
Q4	January 15, 2027	September 1 – December 31

The Safe Harbor Rules

You avoid underpayment penalties if you meet either safe harbor:

• 100% of prior year tax (110% if your AGI exceeded $150,000): Pay at least this amount through withholding + estimated payments, regardless of current-year income. This is the safest approach for volatile Bitcoin trading years — even if your income doubles, you're penalty-free as long as you paid 110% of last year's tax.
• 90% of current year tax: Pay at least 90% of your actual 2026 tax liability through estimated payments + withholding. This is harder to calculate when Bitcoin income is unpredictable.

The Volatility Problem

Bitcoin traders face a unique challenge: income is wildly unpredictable. You might realize $200,000 in short-term gains in Q1, then suffer $150,000 in losses in Q2. The annualized income installment method (Form 2210, Schedule AI) lets you calculate required payments based on income actually earned in each quarter — rather than simply dividing annual tax by four. This can significantly reduce or eliminate Q1/Q2 estimated payments for traders whose gains are concentrated later in the year.

State Short-Term Capital Gains Tax

Most states tax short-term capital gains as ordinary income — no preferential rate exists at the state level either. A few states are notable:

High-Tax States

• California (13.3%): Taxes all capital gains — short-term and long-term — at ordinary income rates. There is no long-term capital gains preference in California. Combined with federal, a CA resident pays 54.1% on short-term gains at the top bracket. Even long-term gains face 37.1% combined (23.8% federal + 13.3% state).
• New York (10.9% state + 3.876% NYC): New York City residents face 14.776% state + local tax on top of federal. Combined rate on short-term gains: 55.6%.
• New Jersey (10.75%): Top rate applies at $1M+ of taxable income. Combined: 51.55%.
• Oregon (9.9%): Combined: 50.7%.

No-Income-Tax States

• Wyoming, Nevada, Florida, Texas, South Dakota, Tennessee, Washington, Alaska, New Hampshire* (*NH taxes only interest/dividends)
• For a top-bracket trader, relocating from California to Wyoming saves 13.3% on every dollar of short-term gain. On $1M in annual short-term gains, that's $133,000 per year in state tax savings.

Domicile Planning for Active Traders

For large-scale trading operations generating consistent short-term gains, domicile matters. Establishing genuine residency in a no-income-tax state — not just renting a mailbox, but actually living there (driver's license, voter registration, primary home, professional ties, family) — can eliminate the state tax layer entirely. The standard for domicile is where you intend to permanently reside, and aggressive states like California and New York will audit closely. The savings on seven-figure short-term gains are substantial enough to make a genuine relocation financially rational.

Gifting Short-Term Gain Property

When you gift Bitcoin that you've held for less than 12 months, the recipient receives both your cost basis and your holding period under IRC §1015 and §1223(2). This creates a powerful planning opportunity:

The Holding Period Tack-On

You bought Bitcoin 8 months ago. It's appreciated significantly. You don't want to sell now and trigger short-term treatment. You gift it to your adult child (or any family member in a lower tax bracket). They receive your basis and your 8-month holding period. They hold for 5 more months — total holding period: 13 months. They sell at long-term capital gains rates.

The result: the gain that would have been taxed at 37% + 3.8% on your return (40.8%) is instead taxed at 15% (or even 0% if the recipient's income is low enough) on the recipient's return. On a $200,000 gain, you've converted a potential $81,600 tax bill into a $30,000 bill — or $0 if the recipient is in the 0% long-term bracket.

Annual Gift Exclusion

You can gift up to $18,000 per recipient per year (2026) without filing a gift tax return or using lifetime exemption. For married couples, that's $36,000 per recipient. If the Bitcoin you want to move is within these limits, the gift is completely invisible to the IRS (no reporting required by the donor). For gifts exceeding the annual exclusion, you file Form 709 but typically owe no gift tax — the excess simply reduces your lifetime estate/gift exemption.

Limitations

• Kiddie tax: For children under 19 (or under 24 if full-time students), unearned income above $2,500 is taxed at the parent's marginal rate. This eliminates the bracket arbitrage for gifts to minor children.
• Basis rules for losses: If the fair market value of the Bitcoin on the gift date is below your basis, special rules apply. For purposes of determining a loss, the recipient's basis is the lower of your basis or FMV at gift date. This prevents transferring built-in losses via gift.

Converting Short-Term to Long-Term: The Holding Period Playbook

The simplest tax optimization for any Bitcoin holder is to not sell short-term. But that requires discipline and architecture. Here's the tactical playbook for ensuring your Bitcoin gains land on the right side of the 12-month line.

Strategy 1: The Wait-It-Out

If you have a large unrealized gain on Bitcoin held for 9, 10, or 11 months — just wait. Unless you face genuine urgency (imminent crash conviction, estate event, business liquidity need), the risk-adjusted value of waiting for long-term treatment almost always exceeds the cost of holding through short-term volatility. The math: on a $500,000 gain, waiting 60 days saves $85,000 in federal tax. Bitcoin would need to decline by more than 17% in those 60 days to make selling early the better choice.

Strategy 2: Separate HODL Account from Trading Account

Maintain two entirely separate accounts (or wallets):

• HODL account: Receives all DCA purchases and lump-sum buys intended for long-term holding. These coins are never touched for at least 12 months. Clear, clean, defensible long-term lots.
• Trading account: Contains only Bitcoin allocated for short-term trading. Gains and losses in this account are expected to be short-term. Harvest losses aggressively. Accept the ordinary income treatment on wins, but minimize net short-term gains through disciplined loss harvesting.

This structural separation eliminates the risk of accidentally selling long-term lots when you meant to trade, or accidentally triggering short-term treatment on coins you intended to hold. It also simplifies lot identification for your CPA or tax software.

Strategy 3: DCA Into Long-Term Positions While Trading Short-Term Separately

Continue your regular DCA purchases into the HODL account regardless of trading activity. Over time, the DCA stack builds a deep base of long-term lots that can be sold at preferential rates whenever liquidity is needed. The trading account handles short-term activity — but the DCA engine ensures you're always building long-term positions on autopilot. Even if every trade in the trading account is short-term, your HODL account continuously converts new purchases into long-term lots every month.

Strategy 4: The Roth Conversion Alternative

If you're contemplating selling Bitcoin for portfolio rebalancing, consider whether a Roth IRA conversion strategy might accomplish the same goal without triggering short-term gains. Bitcoin held inside a Roth IRA grows and is withdrawn completely tax-free — no short-term/long-term distinction matters. The conversion itself is taxable, but once inside the Roth, all future gains are permanently exempt.

Strategy 5: Year-End Timing

Every October, audit all lots approaching their 12-month anniversary in November, December, or January. Set calendar alerts. If a lot crosses from short-term to long-term on December 15, you can sell on December 16 at the long-term rate — and still include it in the current tax year. But if a lot crosses on January 2, selling on January 3 gives you long-term treatment and pushes the tax to the following year's return — a double benefit of lower rate + one year of deferral.

Frequently Asked Questions

The Bottom Line

Short-term capital gains treatment on Bitcoin is not an inevitable cost of participation — it's a tax outcome that proper planning can minimize or eliminate entirely. The architecture is straightforward: maintain separate HODL and trading accounts, harvest losses aggressively using Bitcoin's no-wash-sale advantage, use specific identification to control which lots you sell, wait for the 12-month line when the math supports patience, and consider entity structures if your trading volume and gains justify the complexity.

The numbers are unambiguous. At the top bracket, every $100,000 of short-term gain that could have been long-term costs you $17,000 in federal tax — $30,000+ after state tax in high-tax jurisdictions. Over a career of active Bitcoin investment, the cumulative cost of ignoring the short-term/long-term distinction runs into the millions. The holding period rule is the single simplest, most reliable tax optimization available to any Bitcoin investor. It costs nothing to implement. It requires only discipline.

For the full architecture of Bitcoin tax strategy — integrating holding period management with tax-loss harvesting, basis tracking, Roth IRA conversion, and multi-generational estate planning — the complete picture is in the Bitcoin Estate Planning Guide.