This is a complicated issue and I am not going to explain every possibility here, but in general, my projection is that most people who have an estate below $3,000,000 don't need to worry too much about estate taxes. As many of you have heard, the cuts on estate taxes will expire December 31st meaning that estates worth more than $1 million could be taxed but I believe Congress will not touch estates up to $3 million (I have been wrong more than once so keep on top of the news).....
That being said, IF your estate exceeds these amounts, then you should consider making annual tax-free gifts of $13,000 per person to reduce your estate now....
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