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Make a plan to minimize estate taxes now

One thing that your estate plan needs to consider is the estate taxes that your loved ones will have to deal with. These taxes can be considerable for people who are dealing with high value estates. There isn't any reason why your loved ones should have to deal with this since you can take steps to reduce the amount of estate tax that they will have to deal with.

We recently discussed how estate taxes are based on the fair market value instead of on the purchase price of the items. This means that you should make sure that you have an updated and accurate valuation for your estate so that you can use this information to decide what you are going to do.

One option that you have is to give away a portion of your estate. There are limits to how much you can give a person in a year for this purpose, so make sure that you know this information and ensure that you comply with it.

We understand that this might all seem foreign to you. We are here to help you work through the issues that you find with your estate. We can help you learn the options that are available so that you can make an informed decision.

Your loved ones likely want to be able to deal with your estate as quickly and efficiently as possible when you are gone. You can take steps today that can make this already traumatic time a little bit easier. Your estate plan is the basis for doing this.

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