How can I lower my tax liability for my estate plan? 1 Answers as of August 13, 2010

I have been researching estate plans as I plan on instituting my own soon. I have not yet contacted an attorney although I do plan on it. I wanted to seek all related advice from reputable sources before doing so. Generally speaking, is there an easy way that I can have my estate plan lower the federal transfer tax liability?

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Law Offices of James C. Bechler, A.P.C.
Law Offices of James C. Bechler, A.P.C. | James Bechler
The estate tax is what it is, less exemptions. The way to lower tax liability is to: Firstly, give tax-free gifts before you die, thus lowering the amount taxable at death. Secondly, at death you create (through your living trust) two trusts maximizing the use of the applicable exemptions. The real savings come in after the second death (presuming you are married).
Answer Applies to: California
Replied: 8/13/2010
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