For those who dare to think ahead, today’s down market and low interest rates offer great tax saving opportunities.

Low interest rates are a bummer for investors, but if you’re serious about doing some estate planning right now, your heirs could reap a bonanza.

Although the estate tax was repealed for one year at the end of 2009, there’s still a 35% gift tax on certain transfers. You are allowed to give $13,000 in cash or other assets per year to each of as many individuals as you want without having to worry about the tax. Spouses can combine this annual exclusion to jointly give $26,000 to each of as many people as they like, tax-free. Once gifts exceed the annual limit (which is indexed for inflation), they count against the $1 million limit on lifetime gifts.

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