How can I effectively plan for inheritance tax?
An example of an AI chatbot conversation about planning for inheritance tax.
How can I effectively plan for inheritance tax?
Planning for inheritance tax involves understanding your assets, potential tax liabilities, and strategies to minimize them.
What are some common strategies to reduce inheritance tax?
Common strategies include gifting assets during your lifetime, setting up trusts, and utilizing tax exemptions.
Are there specific exemptions I should be aware of?
Yes, there are exemptions like the annual gift tax exclusion and the marital deduction that can help reduce your taxable estate.
How can I ensure my estate plan is up to date?
Regularly review your estate plan, especially after major life events, and consult with a financial advisor or estate attorney.
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