It all started with a question. While speaking at a recent seminar “Tax Secrets of the Wealthy” one of the business owners — also an avid reader of this column — in the audience jokingly asked me, “Irv, do you have a Top 10 list?” I didn’t, but promised to make one and publish it in my tax column. The list follows, divided between "Do not" and "Do."
10 Ways to win the estate tax game
Your wealth transfer plan (if you want to legally beat the estate tax) must start while you are alive Do not put money in a pension or profit-sharing plan — IRA or other qualified plan — if you are rich or likely to become rich Do not put real estate in a corporation that operates a business Create an IDT (intentionally defective trust) if you want to make a tax-free transfer of your family-owned business to your kids, yet want to keep absolute legal control of the business