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.
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