Gifting is an IRS rule that allows you to give part of your assets to your heirs while you are still living. There are annual limits and per-recipient limits. These sometimes change year-to-year. I some cases, these gifts need to be reported to the IRS.
Gifting is one of many tax strategies that can help reduce your tax burden. This is probably the easiest and most widely known strategies. Other, more advanced strategies are more beneficial for folks with larger estates. Give us a call and we can discuss some possible ways to reduce your estate tax.