Tips to Minimize Estate Taxes

Recently, LauraSaunders from The Wall Street Journal has listed some helpful tips that people livingin states with high estate taxes can use to minimize or even get rid of thosebills.

1. Understand the new estate tax rules released this past January. Credit shelter trusts are essential to help assets pass tax-free to a surviving partner.
2. Think about making cash gifts because that can be one of the most effective ways to minimize estate taxes.
3. Beware that second homes out of state are subjected to their estate tax despite the fact that you may reside in a state with out one.
4. When you make a decision to move out of state it is important to consider where a taxpayer votes, owns real property, registers a vehicle, or has a burial plot.

See Glenn Ruffenach Protecting Your Estate in a High- Tax State, Market Watch,  Oct. 28, 2013.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.