Monday, December 9, 2013
It is important to consider state death taxes in your estate planning. A recent article posted by Kelly Humke Esq. highlights three way that people can address these type of taxes though estate planning.
- Use bypass trusts they shelter the exemptions of both spouses and defer estate taxes
- Give away gifts up to the unused federal exemption amount. Also, keep in mind that medical and tuition payments are exempt gift taxes.
- Set up a spousal lifetime access trust if you are married. Any payments and appreciation made to the trust is not counted in your estate; thus, there is a reduction for death taxes that you will have to pay for.
See Kelly Humke Esq. Consider State Death Taxes in Your Estate Planning, Wealth Strategies, Dec. 3, 2013.