How Can Gifts Reduce My Estate Tax
Full Video Transcript
Estate taxes are extremely complicated, and ways to reduce taxes on an estate are most effectively answered by estate planning attorneys. A general guideline could entail making tax-free gifts to individuals up to the yearly limit outlined in the annual gift tax exclusion. This can be done annually until the amount you wish to to gift is satisfied. Be sure to consult a legal professional when you’re ready to make gifts to friends or family so you are aware of appropriate procedures and any legal or tax implications. This will also ensure beneficial and successful gifting in order to maximize your estate’s worth.