MAXPLANS FOR LIFE DOES IT ALL
There is a quick and easy way to get your windfall tax plans ready.
MaxPlans for Life provides a series of, “vanilla”, options to enhance, protect, and project your gains for yourself and future generations. You will want to include tax, legal, and financial advisors as your financial world changes, but there are some things that can be done relatively inexpensive that can lay the foundation for those professionals to do a GREAT job with your situation.
Examples of windfall gains include, but are not limited to:
· Unexpected inheritance or other large gift from another
· Sweepstakes winnings
· Winning a lottery or success in another form of gambling
· Returns on investments, (stocks, foreign currencies, cryptocurrencies, real estate, etc.) This is the most common investment and the primary focus of MaxPlans for Life.
· Proceeds or profit from a large sale
· Game show, or other contest winnings
· Employment payroll bonus
· Natural resources
· Foreign aid
· Proceeds from an insurance claim
· Settlement from a lawsuit
· Discoveries from treasure hunting
When these events come into your life the provided options from MaxPlans will reduce the emotional stress and lay the groundwork for a successful integration into your new financially secure world. Most of these windfall gains can be anticipated and preparation for them can be essential.
Get all your legal documents; Self Directed Roth, Gifting Assignments, and CRUT ready NOW.
Tax Strategies for windfall gains
There are basically 3 options to reduce, defer, or eliminate taxes on windfall gains:
- The utilization of a ROTH IRA for TAX FREE, (ELIMINATED), gains. Whether it is a custodial provided IQD or Crypto ROTH, or the more broader Self Directed One Member LLC checkbook control ROTH, the result are the same . . . TAX FREE gains. This option also allows your heirs to receive their inheritance from your ROTH and NOT pay income taxes on the gains. (See Gifting Assignments for details.) There are certain requirements to be met to qualify, but we can help pick the best way for you.
- Gifting Assignments to reduce or eliminate estate taxes. With the new administration attempting to increase taxes in several areas, the biggest target is ESTATE TAXES. Gifting assignments clear the way to reduce the threat of 45+% tax on your estate over $3.5 million for single and $7.4 million for married. (Current cap before estate taxes are applied is $11+ million for single and $23+million for married. ALSO, currently "stepped up value allows your heirs to inherent your fortunes and avoid income taxes on any gains. The new administration wishes to eliminate that forcing your heirs to pay additional income taxes.)
- Charitable Remainder UniTrust, (CRUT), to create a TAX-FREE environment to move your potentially exposed taxable gains into a charitable protected space providing:
- Potentially a lifetime of guaranteed income
- A legacy of sharing your remaining gains after your passing on to charities of your choosing.
- Inclusion of an annuity with a death benefit that provides a TAX-FREE insurance payment to your heirs.
- Inclusion of long term health care insurance.
- The funds in a CRUT are NOT included in your estate. Therefore moving some of your windfall gains into a CRUT allows you to DEFER your taxes and REDUCE your estate taxes.
All of these options are available from MaxPlans for Life. So, take your time, possibly arrange for a FREE 30 minute consultation, and allow yourself to plan for the now, later, and them.
TO LEARN MORE ABOUT WINDFALL GAIN OPTIONS, CLICK THE BUTTON BELOW.