Estate and Gift Tax Strategy

Estate and gift tax strategies involve planning how to transfer assets to minimize taxes. Estate tax is assessed on the total value of your assets upon death, while gift tax applies when you give assets during your lifetime. Strategies include utilizing annual gift tax exclusions, which allow you to gift a certain amount tax-free each year, and making use of trusts to protect assets. Proper planning can help ensure that more of your wealth is passed on to heirs and less is paid in taxes, allowing for a more efficient transfer of your legacy.