Estate taxes can eat into your assets and seriously diminish your heirs' inheritance if you aren't careful. Here are a few legal ways to minimize estate taxes during estate planning:
Family Limited Partnership
One option is to create a family limited partnership, which is a type of an arrangement in which members of a family own a business exclusively without the involvement of outsiders. If you want to use it as an estate planning tool to minimize taxes, then you can create a family limited partnership business and include your heirs as co-owners of the business.
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