Estate planning

[Wolbachc]

Once retired do you have any tips so my heirs will pay minimal taxes upon death?

[VincentL]

You are able to gift the annual exclusion to each donee. In other words, you can give each of your children $16,000 in 2022 and beyond tax free. 

The IRS allows a lifetime tax exemption on gifts and estates, up to a certain limit, which is adjusted yearly to keep pace with inflation. For 2022, an individual's combined lifetime exemption from federal gift or estate taxes is $12.06 million. If married, the joint exemption is $24.12 million.

Your annual excluded gifts do not reduce the lifetime exclusion for gifts under $16,000.