Affluent families may have to face the burden of the estate tax. This is a tax levied on the transfer of property upon death before it can pass onto beneficiaries. And the rate can be as high as 40 percent. But it only applies to the value of your estate that goes beyond a certain threshold.
In addition, your generosity in your lifetime can go a long way in reducing your taxable estate. So you may be able to bypass the estate tax entirely through various gifting strategies. Let’s explore some.
