How to transfer your wealth to your family tax-free

How to transfer your wealth to your family tax-free

Of the thousands of estate plans I have reviewed over my 46-plus years of practice, almost all of them — even the well drawn plans — fall into the trap of traditional estate planning. These plans typically use only two basic strategies: A revocable trust (more often called a living trust), which avoids probate. A two-trust arrangement (usually called “Trust A” and “Trust B,” or “a Marital Trust” and “Family Trust,” or something similar) is used to get the first $11 million (using 2017 numbers) of a married couple’s wealth to their heirs free of the estate tax.

Do you own all or a portion of a family business? If so, read on — this article is about you. In a heartbeat the tax-law — especially the estate tax law — can rip a family’s wealth to shreds. It’s amazing. Most successful family business owners toil for their entire lives to build their businesses and their families’ wealth. Yet, death brings a big payday for the IRS. What’s wrong with this picture? Worse yet, could you and your family be in the picture?

Register to view the full article

Registration on Contractor allows you exclusive access to high value content centered around proprietary research, expert analysis, and in-depth technical procedures.

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish