Estate planning is essential for managing your financial future and minimizing tax liabilities for your heirs. Beyond gift giving, there are several strategies you can use to plan for estate taxes effectively. First, consider establishing trusts. Trusts like a Spousal Lifetime Access Trust (SLAT) allow one spouse to transfer assets to a trust for the benefit of the other spouse, providing access to the assets while removing them from the taxable estate. Charitable giving is another powerful tool. Setting up a charitable remainder trust (CRT) or a charitable lead trust (CLT) allows you to donate assets to a charity while still providing income to your beneficiaries or yourself for a period of time. Life insurance can also play a crucial role. Purchasing a policy within an irrevocable life insurance trust (ILIT) can help cover estate taxes, ensuring that your heirs receive the full value of your estate. For those with significant assets, Family Limited Partnerships (FLPs) can be beneficial. An FLP allows you to transfer assets to family members at a discounted value, reducing the overall taxable estate while maintaining control over the assets. Another strategy is upstream gifting, which involves gifting assets to older family members in lower tax brackets who can benefit from a stepped-up basis upon their death, reducing capital gains taxes for your heirs. Lastly, regularly review and update your estate plan with your CPA or estate planning advisor to ensure it aligns with current laws and your financial goals. This includes updating wills, trusts, and beneficiary designations. An important component of estate planning is understanding the Uniform Lifetime Exclusion. This exclusion allows individuals to transfer a certain amount of wealth, either through gifts during their lifetime or bequeathments after death, without incurring federal estate or gift taxes. For 2024, the lifetime exemption is $13.61 million per person, up from $12.92 million in 2023. For married couples, this amount doubles to $27.22 million. However, unless Congress acts, this exclusion is set to drop to approximately $7 million in 2026. By implementing these strategies and understanding the current and future tax laws, you can effectively manage your estate and minimize tax liabilities for your heirs. Always consult with your CPA or estate planning advisor to tailor these strategies to your specific situation.