Most-used tax strategies in 2014 iStock/Thinkstock

Most-used tax strategies in 2014

We analyzed my clients' files to determine the strategies most used in 2014 The Family Limited Partnership (FLIP) allows for a higher discount The Intentionally Defective Trust (IDT) is a great, legal way to transfer your estate A Captiver Insurance Company allows you to deduct your own premiums Retirement Plan Rescue (RPR) avoids the double tax (income and estate) that qualified plans, such as profit-sharing plan, 401(k) and IRA funds are subject to Private Placement Life Insurance (PPLI) turns your taxable investment profits and income into tax-free income  

Before you start reading this column, let's look back at 2014. Last year is the first year in memory when there was no significant change in the tax law: neither income tax or estate tax. So, for tax planning purposes, 2015 should mirror 2014.

We analyzed my clients' files to determine the strategies most used in 2014 to legally beat up the IRS. Seven strategies, which follow, rose to the top as the clear winners. For ease of reading in every strategy that follows, our tax her

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TAGS: Taxes
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