How can I reduce my taxable estate?

In Washington, you can reduce your taxable estate by taking advantage of a variety of tax breaks and exemptions available to residents. There are two common ways to reduce your taxable estate: the estate tax exclusion and the lifetime exclusion. The estate tax exclusion is a limit on the amount of an estate that is exempt from taxation. In Washington, the estate tax exclusion is currently $2.193 million. This means that any estate with a value of less than $2.193 million is exempt from taxation. The lifetime exclusion is also a way to reduce your taxable estate. The lifetime exclusion is based on gifts given to family members or charities during your lifetime. In Washington, the lifetime exclusion is currently $5.5 million per person. Any gifts given up to this value are exempt from taxation. You may also be eligible to reduce your taxable estate through other exemptions, such as the capital gains exemption or the charitable contribution deduction. It is important to discuss your specific situation with a tax lawyer or tax advisor to determine which exemptions you may be eligible for and how to maximize your tax savings.

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How can I reduce my taxable estate?

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