How can I reduce my estate taxes?
There are several strategies to reduce estate taxes, such as gifting assets, establishing trusts, and taking advantage of deductions.
What types of trusts can help with estate taxes?
Common trusts include revocable living trusts, irrevocable trusts, and charitable remainder trusts, each serving different purposes.
Are there any specific deductions I should be aware of?
Yes, deductions for debts, funeral expenses, and certain charitable contributions can help lower your taxable estate.
How does gifting assets work to reduce estate taxes?
Gifting assets allows you to transfer ownership before death, reducing the size of your estate and potentially lowering taxes.
What is the annual gift tax exclusion?
The annual gift tax exclusion allows you to give a certain amount each year to individuals without incurring gift taxes, which is $17,000 for 2023.
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