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Advanced estate planning focuses primarily on reducing transfer taxes and income taxes, specifically the three taxes most commonly imposed on the transfer of assets: the gift tax, the estate tax, and the generation-skipping transfer tax. In addition to the transfer taxes that may apply, income tax can also reduce transfers.
The gift tax applies to transfers made during life. The estate tax applies to transfers at death. The generation-skipping transfer tax applies to transfers during life or at death which passes over the children's generation and goes directly to grandchildren and generations that follow.
Advanced Estate Planning Strategies
Depending on the needs of your family, the following tax reduction tools may be useful: