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21. Give Today, Save on Taxes Today

You can transfer up to $12,000 per person per year, completely free of gift taxes. This $12,000 gift tax-free level is set by the IRS and will increase every year to account for inflation.

Crummey gifts also allow you to use your current $12,000 annual exclusion when gifting to a trust, instead of a living person. Not only can you reduce gift taxes by making a $12,000 donation, but such gifts can reduce estate taxes by decreasing the size of your estate.


22. Use Advanced Gifting Techniques

Using the Generation Skipping Transfer Tax Exemption, you can save on the potential equivalent of an 80% tax imposed on assets left to grandchildren.

Examine how to use advanced estate planning strategies to accomplish this.


23. Give, Give, Give... and Save on Taxes

If you're feeling philanthropic, consider establishing a Charitable Remainder Trust (CRT).

By gifting to a CRT instead of an individual, you may avoid capital gains tax on highly appreciated assets held by the trust.

Because you are leaving assets to your favorite charity, you may also receive an income tax deduction. Chances are you'll also be recognized by the charity for your gift, and increase your take-home income.

Being philanthropic has never been more worthwhile.


24. Continue the Family Name

Carefully prepared Family Limited Partnerships can help you reduce your tax bill, while continuing your family name.

Set up similarly to a regular limited partnership, your estate is split up into limited partner shares and general partner shares. Instead of gifting $12,000 in cash annually to an heir, give away limited partner shares from your new Partnership.

NOTE: FLPs have been under increasing scrutiny by the Internal Revenue Service, and must be prepared with the utmost of care. Do your homework, and work with an experienced estate attorney who has tax expertise.

Through an FLP, you may be able to leverage your gifting without giving up control (since you can retain the General Partner shares for yourself), and protect your estate assets from the creditors of your beneficiaries.


25. Begin Your Own Dynasty

Irrevocable dynasty trusts, structured properly by an experienced attorney, can reduce estate taxes for up to three generations.

A dynasty trust provides excellent hedges for your family against creditors, lawsuits, and divorcing spouses of your children and grandchildren. Plus, in many cases, dynasty trusts can be funded without incurring any gift tax, using your current Unified Credit.







Tax Breaks Include

Capital Gains
Mortgage and Equity
Education Tax Breaks
Gifting Options
Sheltering Rental Income
Using Your Unified Credit
Social Security
Tax-Free Munis
Estate Tax Reductions
Life Insurance
IRAs and 401k Plans
And much more


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