Strategies for Reducing Estate Taxes

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Watch this videos as Buffalo Estate Planning Attorney Thomas F. Hewner discusses Strategies for Reducing Estate Taxes.

  • 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.

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