Good News for Most People
Most people don't need to worry about estate taxes—less than 1% of the population is affected. If you have less than $5.43 million (single) or $10.68 million (married couple), estate tax won't affect you.
For Those Above the Threshold
If you're above these numbers or expect to be, several techniques can minimize estate tax effects. Understanding potential tax considerations is crucial:
- Irrevocable Life Insurance Trusts: Very effective solution
- Charitable Gift Planning: Minimizes estate taxes while doing good
- Irrevocable Trusts: Powerful tool for removing assets from estates, particularly those experiencing rapid appreciation
Stay informed about proposed tax law changes that may affect your planning.
