So, how can you avoid paying estate tax in the future??
I've used a couple of creative solutions that that serve these objectives:
- ensure continued access to your money until your death
- transfer specific amounts to your children
- die with a zero balance, and owe zero estate tax
One creative solution involves giving to charity -- purchase life insurance, in an irrevocable trust, with a death benefit at an amount you wish to leave to your children, and then, upon your death, give your assets to charity.
Another creative solution involves planned giving over a period of time, using a family limited partnership -- if done right, you can gift your assets to your children, retaining lifetime income, and avoiding the estate tax, and whatever the rate, entirely. This will also serve to protect your assets from creditors during your lifetime.
Finally, don't forget to check out my new website for more information - www.CaliforniaLegalSolutions.com
Contact me via email (john@browning-law.com) or phone (949 244-5053 with any questions.
