How can we minimize Maryland inheritance tax? Posted on April 21, 2011

My parents are approaching their 90s, they have an updated will and currently reside in Maryland. I am their only son and reside in Texas. I understand that they can gift to me 13 K each per year without affecting my federal income tax. Their estate is valued between 2-3 million. What other steps should they take to avoid the estate tax that will eventually be paid? Set up a trust for me? Thanks for your help.

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