Give It Away
Since a lot of seniors don’t worry about the high ceiling of estate taxes, they might forget that they could give away some assets even before death. This is especially beneficial if you have loved ones whom you might want to help, especially if they’re planning on making some seriously big moves in their lives such as going to school or buying a new house.
Each year, the federal law allows you to give away %15,000 to one individual. If you have, say, five grandchildren whom you’d like to financially help out, you can give away a total of $75,000 annually.
