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Effective methods of reducing estate tax

They say that there are two certainties in life: death and taxes, and regrettably, Rhode Island residents cannot avoid either one. There are, however, some efforts you can make while you are still alive to reduce the amount of your estate that your loved ones will ultimately lose to taxes. At the Law Offices of James T. Marasco, we are well-versed in the most effective methods of reducing estate tax, and we have helped many people with similar goals accomplish this and other estate planning objectives.

According to U.S. News & World Report, one easy way to start reducing your estate tax burden is to simply lower the value of your estate. How can you do this? Simply put, you can start giving away some of the wealth you have amassed now, before you pass away, so that the percentage ultimately taken from your estate is that much lower.

Another surefire way to reduce how much your beneficiaries lose to estate taxes is to place assets you plan to leave behind into trusts. While trusts come in an array of different types and you can use them to accomplish many different objectives, a key benefit of trusts is that the assets you enter into them transfer out of your direct ownership.

Because the assets in a trust technically belong to the trustee, and not you, their value does not add on to the overall value of your estate. Therefore, you can effectively leave assets behind to your loved ones in trusts while knowing that, by doing so, you can maximize the amount they will be able to ultimately access. You can find more about estate planning on our webpage.

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