Lifetime gifts versus will bequests in inheritance tax planning

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Lifetime gifts versus will bequests in inheritance tax planning often comes down to timing: giving assets while you're alive can reduce your taxable estate after seven years, but you lose control and access to that money. Bequests through a will keep things simple and flexible until death, yet they may push your estate over the tax threshold. Many people use a mix—gifting smaller amounts yearly and leaving larger assets in their will—to balance potential tax savings with financial security.