#4. Make Tax-Free Gifts.Under current federal law, you can give up to $13,000 to as any people as you wish each year. This is a great way to reduce the size of your estate (and potentially save estate taxes) over time.
For example, if you give $13,000 per year to your two children and three grandchildren, you would remove $65,000 from your estate in just one year and $325,000 in five years.
(You can double these amounts if you are married.)
Charitable gifts are unlimited. So are gifts for tuition and medical expenses, if you give directly to the institution.
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