Strategies for Reducing Estate Taxes
Download Our Free Estate Planning Guide- Although estate taxes are not a big issue for most people, various techniques can be implemented, such as gifting property.
- For federal purposes, gift taxes and estate taxes are intertwined to the extent that they reduce your available credit for gifts. You can’t use it for estate taxes, but gifting before death enables you to reduce your federal estate tax.
- If you own highly appreciated stock, you might prefer to retain it because you get a step-up in basis for your assets.
- One very simple and easy technique is to give away a permissible amount every year without affecting your estate tax credits. You can give away a certain amount of money per person, per year, without filing gift tax returns or affecting estate tax credits.
- Keep aware of where you are in life. If you’re 87 years old and well below estate tax limits, don’t worry about it; on the other hand, if you’re getting close, you may elect to take advantage of some of these.
How to Ensure Your Will Is Legally Valid in New York
Creating a will is one of the most important steps you can take to ensure [...]
Key Differences Between Wills and Trusts in New York
If you have found yourself needing assistance with an estate planning case in New York, [...]
The Benefits of Using a Testamentary Trust in Your Will
When you are thinking about preparing your will, it is normal to feel overwhelmed. Many [...]