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7 Wonders of the estate tax-saving world WitR/iStock/Thinkstock

7 Wonders of the estate tax-saving world

Your estate plan must start now with a life-time plan An Intentionally Defective Trust allows the transfer of assests to be tax-free; no income tax; no capital gains tax A Spousal Asset Trust can remove a company from your estate, while allowing you to retain the control of and income from that company Premium Financing allow you to buy a large insurance policy and have the bank pay the premiums

Let's start with two facts you must burn into your mind. First of all, your estate plan must start now with a life-time plan. Waiting for your plan to become effective when you go to heaven (like a typical A/B trust for husband and wife) can never be a tax-saving plan, but an estate tax trap that enriches the IRS instead of your heirs (usually your kids and grandkids). Secondly, your life-time, tax-saving plan must be asset based. For each significant asset you own, decide what you want

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TAGS: Taxes
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