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Estate planning and estate tax strategies

As you go through the estate planning process, it's only natural to have questions regarding taxes.

Now is the time to learn more about the federal estate tax, as well as any taxes imposed by the state in which you live.

Everyone is averse to learning that their estate will be taxed upon their death, as this means that less money is left behind to their family. However, there is something you need to know: You can take steps today to help reduce this burden in the future.

Some forms of estate taxes are imposed directly on the estate. Others, however, are imposed on the person who receives the property. With this in mind, the way you approach the planning process may change.

You should create an estate plan that helps minimize the amount of taxes paid at the time of your death. For example, you may be able to transfer property and money to avoid taxes such as the gift tax.

Since there is so much to think about, this isn't something you should take lightly. You and your heirs are expected to follow the law in regards to estate taxes, so you need to know exactly what you are up against at all times.

It doesn't matter if you have created an estate plan in the past or are doing this for the first time, you should implement a strategy in relation to taxes. When you do this with the help of an attorney, you can feel better about your situation right now as well as what your family will be faced with upon your death.

Source: FindLaw, "Estate Tax Law," accessed Aug. 04, 2016

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