If your total value exceeds the exemption amount, you should look into what a few simple planning techniques can save your family at estate time. In addition, there are some very effective estate planning ideas that can also cut your current income tax bill.
Click here to use an estate planning calculator to help you determine your estate worth.
Some planning possibilities:
Gifting Current tax law allows you to give away $12,000 per year per recipient. (This amount is adjusted annually for inflation.) Your spouse may join in the gift even if he or she is not an owner in the transferred asset. This means that you could transfer up to $24,000 per year to each of your heirs. To double the annual exclusion yet again, you may want to include spouses of your children. |
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