Gifting is a strategy that has always been used by estate planners to remove assets from a client's estate in order to reduce estate taxes. But given tax changes in recent years, it might be time to rethink that strategy.
With the current federal estate tax exemption of $5,430,000, twice as much with portability, many clients no longer face a federal estate tax. Furthermore, more than half of the states no longer have an estate tax. For those that do, the tax rate is significantly lower than the federal rates. Here are four steps that will help your client decide whether or not to gift.
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