Estate taxes are assessed when a taxpayer's estate (the value of his residence, holdings, and investments) exceeds $12 million if single and $24 million if married. The tax can be as high as 40%+, not including state estate taxes or inheritance tax assessed on the heirs in some states.
The new administration attempts to reduce the cap back down and includes MAJOR increases. The answer to relieving this problem for investors is to share their anticipated windfall gains with their intended heirs via Gifting Assignments. Gifting Assignments and determining the recipients and amounts they would each receive are valued at the CURRENT USD value, not the upcoming increased value. This provides PROOF to the IRS of your intentions and DATES when your intentions were created.
But that's not the only reason you want to use a Gifting Assignments. By taking the time to consider your legacy and sharing desires NOW, you will reduce questions and plans for the future.
Once again, this is an option for those PLANNING to share their gains with others. Dating your intentions will ease any future questions from the IRS.
But, if you want to consider an excellent option for reducing estate taxes, sharing with charities, OR JUST SAVING ON YOUR WINDFALL GAINS, then OPTION 4 needs to be considered.
The CHARITABLE REMAINDER UNITRUST, "CRUT", is the second best option for tax planning and reducing immediate tax liabilities. It is designed for charitable investments from a donation managed by a trustee/beneficiary. It is also a GREAT WAY to cash in your windfall gains without paying taxes on them until you withdraw from it as the trustee. Click below for more information.
All information and discussions presented are for educational purposes only, are general in nature, and are not intended as investment, legal, or tax advice. Each person’s personal and financial situation is unique and different, and the information provided may not apply to or work effectively for you. By signing up for and attending or participating in any presentations, you agree that MaxPlans for Life, Inc., and all affiliate companies, representatives, associates, or employees (“Information Providers”) are hereby held harmless from all liability and loss associated with the information and discussion provided. As to any action or strategy you may choose to implement with regard to the same. In all events, we encourage you to consult with qualified and independent legal, tax, and investment advisors of your choice as to any idea, strategy, or concept presented herein.
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