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Tips for Protecting Your Parents Assets from Taxes

November 29, 2016

Filed under: Estate Planning for Children — Neel Shah @ 9:15 am

It can be overwhelming and frustrating to deal with the grief process while also figuring out how to handle your parents’ estate. Thankfully there are numerous steps you can take in advance to help to maximize the money passed on to beneficiaries and minimize taxes. There are multiple different tax saving strategies that can help your older parents save money and limit the amount of taxes that are owed by their estate after they pass away.

Some of these are steps that you can take while others are steps that your parents should take with the help of an experienced financial professional. These include:

  • Selling stocks that have losses.
  • Managing IRA strategically to reduce taxes.
  • Keep stocks that have regular gains.
  • File for a disabled or elderly tax credit, if eligible to do so.
  • Claim parents as your own dependents in the event that they qualify.
  • Put money into trusts, which can help with significant assets.
  • Gift money to beneficiaries while your parents are still alive.

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