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MINIMIZE TAXES WITH ESTATE
PLANNING
Few people are really aware of how proper
estate planning can minimize the bite that federal estate taxes and
state inheritance taxes take from their estates. Everyone
should be reasonably knowledgeable of the federal estate tax and the
state inheritance tax; people need to know how to minimize these
taxes and, where appropriate, how to eliminate these taxes
altogether. In addition, people should be aware of when their
estate will be subject to estate and inheritance taxes and how much
of their estates will be affected. Estate planning should then
provide an appropriate means of having the needed liquidity to pay
those taxes without selling major assets.
If there is a tax to pay, the accounting must be completed within
six months after the date of death, and any payments must be made
within three months thereafter. |
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