The old adage about turning lemons into lemonade may turn out to be true with investment portfolios. While we all struggle with the down market and the possibility of further decline before it bottoms out, now may be a good time to gift a portion of your assets to beneficiaries, thereby reducing your taxable estate. (This is for federal taxes only. State laws on transfer taxes vary and may or may not apply).

      The key advantages are:

          o Lowering your property transfer taxes (for gifts and estates)