Keyword Analysis & Research: avoid estate tax

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Frequently Asked Questions

How can I reduce estate taxes?

The number one way to reduce taxes is to reduce your income. And the best way to reduce your income is to contribute money to a 401(k) or similar retirement plan at work. Your contribution reduces your wages and lowers your tax bill. You can also reduce your Adjusted Gross Income through various adjustments to income.

How do you minimize estate tax?

One way you can minimize your estate tax is simply by reducing the value of your estate. If it's below one million dollars, no estate tax will be owed. One way to minimize the value is to make lifetime gifts.

How do you avoid inheritance tax on property?

One way to avoid tax completely is to never inherit at all. If you do this, you're said to "disclaim" your inheritance. You file a written statement with the estate executor saying you don't want the property and it passes to the next heir in line. Legally, you've never owned it, so there's no tax bill for you.

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