ESTATE PLANNING GUIDE

17. OTHER ESTATE PLANNING DEVICES

There are other estate planning devices which can result in the lowering of death taxes in your estate. Any person can give away $10,000 of his or her property per year to anyone without tax. A husband and wife can give away $20,000 per year. For example, a husband and wife can give $10,000 each to their two children, Aunt Jean, and Uncle Tom for a total of $80,000 per year. Also, you can make gifts to charity such as churches or nonprofit organizations. Owners of a small business can use special techniques to reduce death taxes attributable to their small business.