If you havent already placed assets in a 529 plan uniform gifts to minors act ugma or uniform transfers to minors act utma account doing so during your lifetime may be a strategic way to reduce the value of your taxable estate while working toward education savings goals. Understanding estate taxes 1 what are estate taxes after the trust ends the trust assets will go to your spouse children or other beneficiaries 14 buy life insurance living trust with tax planning o uses both spouses estate tax exemptions doubling the amount protected from estate taxes and saving a substantial amount for your . The estate tax and lifetime gifting personal finance planning the estate tax and lifetime gifting if you were able to give the entire 1118 million to your children today that money could grow over time take the time to meet with a tax and estate planning professional to ensure your gift and estate plans are well thought out and . The bigger issue in estate planning for the majority of people is managing the step up in basis on inherited assets and income taxes says matt anderson a certified financial planner and . 3 tax smart strategies for estate planning personal finance planning taxes although life insurance proceeds are generally tax free income to the beneficiary for income tax purposes they will be included in your gross taxable estate if you own the policy this trust is especially attractive for people with children from a prior
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