Lifetime plan will complete estate plan

Lifetime plan will complete estate plan

The entire portfolio can be transferred to a family limited partnership (FLIP) We transferred Joe’s interest in these property-owning LLCs to a second FLIP and sold the limited FLIP interests to a separate IDT We were able to use the cash surrender value of the existing $4 million policy and continue the same premium amount to buy $6.5 million of second-to-die insurance

Joe, a successful business owner at the age of 66, has been reading my tax column for over 20 years (he saves them in an ever-growing file). Recently, Joe read one of my columns about lifetime planning. It hit home.

Immediately, Joe e-mailed me telling a bit about his family, his business (Success Co.) and his current estate plan and a lot about his frustration — Joe was not comfortable with his estate plan.

I called Joe to talk to him and get more information. Joe

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TAGS: Taxes
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