Since you probably know who you want to receive your assets after you die, if you can afford to, give them some assets now. Appreciating assets are usually best to give, because the asset and future appreciation will be out of your estate. That's a lot less than estate taxes of 37 percent to 55 percent, if you keep the assets until you die. You can give more, but it will use up some of your estate tax exemption. That's because it's a combined gift and estate tax exemption.
Charitable gifts are unlimited.
So are gifts for tuition and medical expenses if you give directly to the institution. Buy life insurance to pay remaining estate taxes Then, transfer it to an Irrevocable Life Insurance Trust. As long as you live three years after the transfer, the death benefits will not be in your estate. Usually the ILIT is also beneficiary of the policy. So when you die, the money can provide for your spouse, children or others according to the instructions you put in the ILIT when you set it up.