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Are your life's savings at risk? Are your life's savings at risk? The answer depends on how much your estate is worth at the time of your death. So your goal should be to find a way to keep the estimated value of your taxable estate from going higher, while still ensuring that you and your heirs enjoy access to your assets when they are needed and wanted. Generally, your estate must pay taxes for every dollar it is valued over the applicable exclusion amount. Fortunately, there are several ways to reduce your estate tax exposure, while still providing for your heirs after you're gone. Here's a sampling of some basic estate tax savings ideas for you to consider with your tax and legal advisors:
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