Effective Estate Tax Minimization Strategy for High-Net-Worth Individual

Jane Doe, a high-net-worth individual, is reviewing her estate plan with her financial advisor. She has significant assets, including a personal residence, a stock portfolio, and various investments in private equity. Jane wants to ensure that her estate is distributed according to her wishes while minimizing tax implications for her heirs. She is particularly concerned about potential estate taxes and how her various assets will be valued upon her passing.

During the review, the advisor mentions several strategies to optimize Jane's estate plan. Among those strategies, they discuss the use of irrevocable trusts and gifting strategies that can potentially lower her estate tax liability.

What is the most effective strategy for Jane to minimize her estate taxes while retaining control over her assets during her lifetime?