| Reduce inheritance taxes by giving gifts! | | | | |
| | | | One thing that you can do in order to reduce |
| The inheritance tax is the same thing as the | | | | the amount of inheritance tax you end up |
| estate tax in the United States, but with a | | | | paying is to check and see if there are any |
| different name depending on the country that | | | | loopholes in the tax law that you can use to |
| you are talking about. The inheritance tax is | | | | your own advantage. One thing that you should |
| a tax that is supposed to be levied on the | | | | consider, for instance, is that some |
| richest people after they die, especially if | | | | countries will allow you to give a large |
| they have a considerably large estate at that | | | | amount of money to a family member or |
| point in time. However, this is not always | | | | survivor tax free. If there is anybody who |
| the case, and in fact, a lot of people find | | | | you would like to have inherit a large |
| that they are being forced to pay an | | | | monetary gift, then you should definitely |
| inheritance tax even though they do not have | | | | consider doing this before you die. |
| a particularly large estate. The reason for | | | | |
| this is that housing costs continue to | | | | This might even reduce the total amount of |
| increase - and since your house is considered | | | | your estate to the point where you will not |
| to be one of your assets, it is included in | | | | have to pay any inheritance taxes at all. |
| your estate. | | | | This also goes for gifts. It is possible to |
| | | | give gifts to as many people as you would |
| The inheritance tax is considered by some | | | | like before you die, just so long as the |
| people to be a highly unfair tax due to the | | | | total value of each gift does not exceed a |
| fact that the people who owned the estate had | | | | certain amount. |
| already paid their taxes before death. | | | | |
| However, the inheritance tax is still in | | | | By planning ahead and making gifts, you |
| effect, and it can cost anywhere between | | | | should be able to reduce the amount of |
| forty and fifty percent of your estate over a | | | | inheritance taxes that your estate will owe |
| certain maximum amount. Depending on where | | | | after your death. |
| you are, that amount will change. | | | | |
| Essentially, anybody who has more than that | | | | Jakob Jelling is the founder of Visit his |
| base amount in their estate will be charged | | | | website for the latest on personal finance, |
| 40-50% of any assets that they owned over | | | | debt elimination, budgeting, credit cards and |
| that amount. | | | | real estate. |