|
|
Congratulations, you’ve reached a level of net worth achieved by less than
one percent of households. Upon death, some estate taxes will likely be
due. The initial steps are the same actions as for assets in the million to
five million ranges. Then, additional planning is warranted with the goal
to find the right balance between tax-saving and maximizing asset transfer
to desired beneficiaries. Insurance trusts can be used to take full
advantage of the tax benefits of insurance proceeds. Family Partnership
Conveyances -- where assets are divided into shares effectively reducing the
fair market value of the pieces – can further reduce the tax obligation on
family business and family property transfers. Charitable Trusts can be
used to convey principal [plus modest appreciation] tax free while
maintaining higher appreciation as income for your beneficiaries. Expect
to spend a minimum of $3000 additional setting up these complex instruments.
|
|
