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Owning a life insurance policy is a good way to help pay estate taxes when you die, because the death benefit can be used to pay the bill from the Internal Revenue Service. If medical or other problems prevent you from obtaining insurance, there are other ways to provide for the payment of estate taxes that may be levied when you die. Typically, the other methods involve moving assets out of your estate through gifts, exchanges and sales. According to "Wealth Enhancement & Preservation" (The Institute Inc., Denver), "When the purchase of life insurance is not an option for the payment of estate taxes, an individual can establish an irrevocable trust and begin to fund it with cash or other assets for the benefit of the ultimate beneficiaries. If the funding is done on a lump-sum basis, it is often limited to a person's exemption equivalent amount -- $1,500,000 for 2004. In addition, a taxpayer is eligible to make a $11,000 annual contribution for each beneficiary of an irrevocable trust under the federal gift tax annual exclusion exception. A person can also establish a family limited partnership or limited liability company. By funding these entities with assets, it is possible to make gifts of family partnership or limited liability company interests. Through the use of minority and lack of marketability discounts, which can range up to 80% or more and are commonly in the 35% to 40% range, significant gifts can be made at a low gift-tax cost." Other types of trusts, including personal residence trusts and grantor retained income trusts, can also be used to make gifts to your heirs.

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