It’s just one example proving that there are many ways to reduce tax liabilities or defer payment, especially when it comes to death taxes. 7 Tax-Saving StrategiesHere are seven strategies that can save your parents money in their later years and limit the taxes owed by the estate after their death. This strategy will be a benefit to you, not your parents, but it is an effective way to minimize taxes as your parents age. This credit lets certain people claim a small credit to offset their ordinary income tax liability. If your parents have significant assets, setting up trusts can make life a lot easier for beneficiaries (and avoid those assets having to go through probate court).

Source: Forbes November 22, 2016 21:32 UTC