When you’ve worked hard all your life to build an estate, the thought of it being partially consumed by taxes is a troubling prospect. Federal estate taxes are high (40% in 2018) and have to be paid in cash soon after you pass. If your estate doesn’t have the necessary cash, your cherished assets may have to be liquidated to ensure that the taxes are paid.
Fortunately, there are ways that you can minimize and even eliminate the amount of tax due on your estate. Let’s take a closer look at five of them.