Ways to Reduce or Eliminate Estate Taxes

There are a few ways you can legally eliminate or drastically reduce your estate taxes. Only a qualified attorney can help you make an informed decision, so take a moment to educate yourself with the tips below, but don’t be afraid to contact us to speak to an attorney for free about these issues.

Annual Gifts

A person can make a monetary gift annually to another person, usually a child or grandchild, of up to $14,000 per year without having to pay a gift tax.

Trusts

An attorney can guide you through the process of setting up the right trust for you. You can double the exemption amount for any given year of death with an AB Trust, for example.

In the same way you eliminate/reduce estate taxes, an attorney can also change the amount you will pay for the death tax. Laws are changing and it is unpredictable what will happen next. You can make sure you’re protected if you seek advice on the subject. Before making any decisions about your estate plan, we advise you to speak with an experienced attorney. We can help you decide what will work best in your situation.

 

0

Add a Comment