Conventional wisdom suggests the creation of myriad legal instruments to make it possible to pass money on to the next generation. The tax implications for the inheriting family member can be daunting.
Instead of hoping for a reduction in inheritance tax some time in the future, conserve your estate for your heirs in a different way.
If you and your spouse are healthy, consider leveraging life insurance policies – purchased by your heirs – as a way for your children to receive benefits tax free. Each generation of a family may succeed and prosper, but the individual family’s success is nothing compared to the potential success of the extended family, planning as a single family.
Create a tax-free legacy. Call Howard Silvermintz to hear more about this unconventional approach to conserving your estate.