{"id":1308,"date":"2013-10-16T17:49:48","date_gmt":"2013-10-16T23:49:48","guid":{"rendered":"https:\/\/jaygoodman.com\/?p=1308"},"modified":"2021-12-20T10:05:57","modified_gmt":"2021-12-20T17:05:57","slug":"estate-planning-strategies-minimizing-estate-tax-burdens","status":"publish","type":"post","link":"https:\/\/jaygoodman.com\/?p=1308","title":{"rendered":"Estate Planning Strategies for Minimizing Estate Tax Burdens"},"content":{"rendered":"

\"Estate<\/a>Estate planning can be used to address a wide range of issues like avoiding probate, reducing tax burdens, protecting assets from creditors, planning for incapacity, and passing one\u2019s legacy to beneficiaries. \u00a0The diversity of benefits offered by effective estate planning is somewhat of a mixed blessing because it can leave individuals confused about their many estate planning options. \u00a0Since no two people are in precisely identical situations, estate planning involves much more than artful drafting of estate planning instruments like wills, trust agreements, and power of attorney documents. \u00a0Estate planning is about building an overall strategy that best satisfies your particular needs and objectives. \u00a0While there are many issues to be considered when constructing a New Mexico estate plan, our Santa Fe Estate Planning Attorneys have provided a few suggestions for avoiding estate taxes in this blog post.<\/p>\n

Giving Assets Away Prior to Death:<\/strong><\/p>\n

If you are concerned about avoiding estate tax, one strategy to prevent the federal government from taking a big chunk out of your estate\u2019s value is to give away the bulk of your estate before you die. \u00a0The gift tax exclusion for 2013 is $14,000 per year per recipient which can be doubled for a married couple. \u00a0This means that you can give away $28,000 a year to each gift recipient without the individual incurring IRS gift tax liability. \u00a0Because you can give this size gift to multiple recipients on an annual basis, this strategy of transferring one\u2019s assets to one\u2019s family and loved ones can result in a significant reduction or complete elimination of estate tax.<\/p>\n

Creation of a Charitable Trust:<\/span><\/strong><\/h4>\n

There are many forms that a charitable trust can take so a complete discussion of these trusts is beyond the scope of this blog post. \u00a0However, the basic principle involves making a gift of assets to a charity while receiving income during one\u2019s life from the trust. \u00a0This form of trust can reduce estate taxes that would otherwise be owed to the federal government.<\/p>\n

Establishment of an AB Trust:<\/strong><\/p>\n

This form of trust involves each spouse essentially leaving their property to the other spouse for life with the remainder passing to their children. \u00a0When one of the spouses die, the surviving spouse can use the income in the trust and under certain circumstances the principal can be transferred into the trust. \u00a0This form of trust can double the available estate tax exemption available to the surviving spouse.<\/p>\n

How Estate Planning Can Provide Valuable Asset Protection<\/strong><\/span><\/a><\/p>\n

The above information is provided to illustrate general principles of law and should not be interpreted as a specific legal opinion on an individual case. You should contact experienced legal counsel to get specific legal advice that is based upon your specific circumstances.<\/p>\n

If you have questions about estate tax liability or exemptions, our New Mexico Estate Planning Law Firm may be able to help. \u00a0The New Mexico Estate Planning Attorneys at Jay Goodman & Associates, PC offer a free consultation in our centrally located offices in Santa Fe and Albuquerque so that we can discuss your specific situation. \u00a0Call us today to schedule your free consultation at (505) 989-8117 to learn about your rights and options.<\/p>\n","protected":false},"excerpt":{"rendered":"

Estate planning can be used to address a wide range of issues like avoiding probate, reducing tax burdens, protecting assets from creditors, planning for incapacity, and passing one\u2019s legacy to beneficiaries. \u00a0The diversity of benefits offered by effective estate planning is somewhat of a mixed blessing because it can leave individuals confused about their many […]<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[1,7],"tags":[],"class_list":["post-1308","post","type-post","status-publish","format-standard","hentry","category-blog","category-estate-planning-and-probate"],"aioseo_notices":[],"yoast_head":"\nEstate Planning Strategies for Minimizing Estate Tax Burdens<\/title>\n<meta name=\"description\" content=\"Estate planning can be used to address a wide range of issues like avoiding probate, reducing tax burdens, protecting assets from creditors,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/jaygoodman.com\/?p=1308\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Whitney Johnson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/?p=1308#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/?p=1308\"},\"author\":{\"name\":\"Whitney Johnson\",\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/#\\\/schema\\\/person\\\/11c282247ecff55e4220f9c945935cef\"},\"headline\":\"Estate Planning Strategies for Minimizing Estate Tax Burdens\",\"datePublished\":\"2013-10-16T23:49:48+00:00\",\"dateModified\":\"2021-12-20T17:05:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/?p=1308\"},\"wordCount\":537,\"publisher\":{\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/?p=1308#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/jaygoodman.com\\\/wp-content\\\/uploads\\\/2013\\\/10\\\/Estate-Planning-Strategies-for-Minimizing-Estate-Tax-Burdens-206x300.jpg\",\"articleSection\":[\"Blog\",\"Estate Planning and Probate\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/?p=1308\",\"url\":\"https:\\\/\\\/jaygoodman.com\\\/?p=1308\",\"name\":\"Estate Planning Strategies for Minimizing Estate Tax Burdens\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/?p=1308#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/?p=1308#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/jaygoodman.com\\\/wp-content\\\/uploads\\\/2013\\\/10\\\/Estate-Planning-Strategies-for-Minimizing-Estate-Tax-Burdens-206x300.jpg\",\"datePublished\":\"2013-10-16T23:49:48+00:00\",\"dateModified\":\"2021-12-20T17:05:57+00:00\",\"description\":\"Estate planning can be used to address a wide range of issues like avoiding probate, reducing tax burdens, protecting assets from creditors,\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/?p=1308#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/jaygoodman.com\\\/?p=1308\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/?p=1308#primaryimage\",\"url\":\"https:\\\/\\\/jaygoodman.com\\\/wp-content\\\/uploads\\\/2013\\\/10\\\/Estate-Planning-Strategies-for-Minimizing-Estate-Tax-Burdens.jpg\",\"contentUrl\":\"https:\\\/\\\/jaygoodman.com\\\/wp-content\\\/uploads\\\/2013\\\/10\\\/Estate-Planning-Strategies-for-Minimizing-Estate-Tax-Burdens.jpg\",\"width\":847,\"height\":1232,\"caption\":\"Estate Planning Strategies for Minimizing Estate Tax Burdens\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/?p=1308#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/jaygoodman.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Estate Planning Strategies for Minimizing Estate Tax Burdens\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/#website\",\"url\":\"https:\\\/\\\/jaygoodman.com\\\/\",\"name\":\"Jay Goodman & Associates Law Firm, PC\",\"description\":\"Experienced Family Law Attorneys\",\"publisher\":{\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/jaygoodman.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/#organization\",\"name\":\"Jay Goodman and Associates Law Firm, PC\",\"url\":\"https:\\\/\\\/jaygoodman.com\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/jaygoodman.com\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/Logo-3.jpg\",\"contentUrl\":\"https:\\\/\\\/jaygoodman.com\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/Logo-3.jpg\",\"width\":581,\"height\":591,\"caption\":\"Jay Goodman and Associates Law Firm, PC\"},\"image\":{\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/#\\\/schema\\\/logo\\\/image\\\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/#\\\/schema\\\/person\\\/11c282247ecff55e4220f9c945935cef\",\"name\":\"Whitney Johnson\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/aa2c0dbef23a3e4ce499768742436c6ea7b803732b9b38172f1c22c25f67a314?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/aa2c0dbef23a3e4ce499768742436c6ea7b803732b9b38172f1c22c25f67a314?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/aa2c0dbef23a3e4ce499768742436c6ea7b803732b9b38172f1c22c25f67a314?s=96&d=mm&r=g\",\"caption\":\"Whitney Johnson\"},\"url\":\"https:\\\/\\\/jaygoodman.com\\\/?author=10\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Estate Planning Strategies for Minimizing Estate Tax Burdens","description":"Estate planning can be used to address a wide range of issues like avoiding probate, reducing tax burdens, protecting assets from creditors,","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/jaygoodman.com\/?p=1308","twitter_misc":{"Written by":"Whitney Johnson","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/jaygoodman.com\/?p=1308#article","isPartOf":{"@id":"https:\/\/jaygoodman.com\/?p=1308"},"author":{"name":"Whitney Johnson","@id":"https:\/\/jaygoodman.com\/#\/schema\/person\/11c282247ecff55e4220f9c945935cef"},"headline":"Estate Planning Strategies for Minimizing Estate Tax Burdens","datePublished":"2013-10-16T23:49:48+00:00","dateModified":"2021-12-20T17:05:57+00:00","mainEntityOfPage":{"@id":"https:\/\/jaygoodman.com\/?p=1308"},"wordCount":537,"publisher":{"@id":"https:\/\/jaygoodman.com\/#organization"},"image":{"@id":"https:\/\/jaygoodman.com\/?p=1308#primaryimage"},"thumbnailUrl":"https:\/\/jaygoodman.com\/wp-content\/uploads\/2013\/10\/Estate-Planning-Strategies-for-Minimizing-Estate-Tax-Burdens-206x300.jpg","articleSection":["Blog","Estate Planning and Probate"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/jaygoodman.com\/?p=1308","url":"https:\/\/jaygoodman.com\/?p=1308","name":"Estate Planning Strategies for Minimizing Estate Tax Burdens","isPartOf":{"@id":"https:\/\/jaygoodman.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/jaygoodman.com\/?p=1308#primaryimage"},"image":{"@id":"https:\/\/jaygoodman.com\/?p=1308#primaryimage"},"thumbnailUrl":"https:\/\/jaygoodman.com\/wp-content\/uploads\/2013\/10\/Estate-Planning-Strategies-for-Minimizing-Estate-Tax-Burdens-206x300.jpg","datePublished":"2013-10-16T23:49:48+00:00","dateModified":"2021-12-20T17:05:57+00:00","description":"Estate planning can be used to address a wide range of issues like avoiding probate, reducing tax burdens, protecting assets from creditors,","breadcrumb":{"@id":"https:\/\/jaygoodman.com\/?p=1308#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/jaygoodman.com\/?p=1308"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/jaygoodman.com\/?p=1308#primaryimage","url":"https:\/\/jaygoodman.com\/wp-content\/uploads\/2013\/10\/Estate-Planning-Strategies-for-Minimizing-Estate-Tax-Burdens.jpg","contentUrl":"https:\/\/jaygoodman.com\/wp-content\/uploads\/2013\/10\/Estate-Planning-Strategies-for-Minimizing-Estate-Tax-Burdens.jpg","width":847,"height":1232,"caption":"Estate Planning Strategies for Minimizing Estate Tax Burdens"},{"@type":"BreadcrumbList","@id":"https:\/\/jaygoodman.com\/?p=1308#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/jaygoodman.com\/"},{"@type":"ListItem","position":2,"name":"Estate Planning Strategies for Minimizing Estate Tax Burdens"}]},{"@type":"WebSite","@id":"https:\/\/jaygoodman.com\/#website","url":"https:\/\/jaygoodman.com\/","name":"Jay Goodman & Associates Law Firm, PC","description":"Experienced Family Law Attorneys","publisher":{"@id":"https:\/\/jaygoodman.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/jaygoodman.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/jaygoodman.com\/#organization","name":"Jay Goodman and Associates Law Firm, PC","url":"https:\/\/jaygoodman.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/jaygoodman.com\/#\/schema\/logo\/image\/","url":"https:\/\/jaygoodman.com\/wp-content\/uploads\/2021\/11\/Logo-3.jpg","contentUrl":"https:\/\/jaygoodman.com\/wp-content\/uploads\/2021\/11\/Logo-3.jpg","width":581,"height":591,"caption":"Jay Goodman and Associates Law Firm, PC"},"image":{"@id":"https:\/\/jaygoodman.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/jaygoodman.com\/#\/schema\/person\/11c282247ecff55e4220f9c945935cef","name":"Whitney Johnson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/aa2c0dbef23a3e4ce499768742436c6ea7b803732b9b38172f1c22c25f67a314?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/aa2c0dbef23a3e4ce499768742436c6ea7b803732b9b38172f1c22c25f67a314?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/aa2c0dbef23a3e4ce499768742436c6ea7b803732b9b38172f1c22c25f67a314?s=96&d=mm&r=g","caption":"Whitney Johnson"},"url":"https:\/\/jaygoodman.com\/?author=10"}]}},"_links":{"self":[{"href":"https:\/\/jaygoodman.com\/index.php?rest_route=\/wp\/v2\/posts\/1308","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jaygoodman.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jaygoodman.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jaygoodman.com\/index.php?rest_route=\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/jaygoodman.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1308"}],"version-history":[{"count":4,"href":"https:\/\/jaygoodman.com\/index.php?rest_route=\/wp\/v2\/posts\/1308\/revisions"}],"predecessor-version":[{"id":3203,"href":"https:\/\/jaygoodman.com\/index.php?rest_route=\/wp\/v2\/posts\/1308\/revisions\/3203"}],"wp:attachment":[{"href":"https:\/\/jaygoodman.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jaygoodman.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jaygoodman.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}