What are some effective strategies to reduce estate tax?
An example of an AI chatbot conversation about strategies to minimize estate tax liabilities.
What are some effective strategies to reduce estate tax?
There are several strategies to consider, such as gifting assets, establishing trusts, and utilizing life insurance.
Can you explain how gifting assets works?
Gifting assets allows you to transfer ownership before your death, potentially reducing the taxable value of your estate.
What types of trusts can help with estate tax reduction?
Common trusts include irrevocable life insurance trusts and charitable remainder trusts, which can provide tax benefits.
Are there any limits on how much I can gift each year?
Yes, the IRS allows an annual gift exclusion, which is $17,000 per recipient for 2023, without incurring gift tax.
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