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?

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