Maximize Your Inheritance With Secret Estate Planning Tips
Tax Implications and Strategies
One of the primary concerns in estate planning is the potential tax burden on your inheritance. The federal estate tax exemption in 2023 is $12.92 million per individual, meaning estates valued below this threshold are not subject to federal estate taxes2. However, state estate taxes can vary significantly, so it's crucial to understand the laws in your state. Gifting assets during your lifetime is a strategic way to reduce the taxable value of your estate. The IRS allows you to gift up to $17,000 per year per recipient without incurring gift taxes3.