How does Tax Planning fit in with Dynasty Estate Planning?
“The Only Two Certainties in Life are Death and Taxes”
–Mark Twain –Benjamin Franklin
This old adage made profound by Benjamin Franklin and made famous by Mark Twain (Samuel Clemens), still holds true today. Even with the best lawyers, you cannot ethically avoid taxes, and we’re not suggesting that Tax planning will get you out of paying our fair share. But, there is a big difference between paying your fair share and paying everything they will try to get from you.
How can I minimize tax consequences?
Everyone in America has an Estate Plan, Either they have put their own plan in place, or the government plans to divvy it out, inserting itself as the primary beneficiary. Having acquired wealth in your life, means dealing with expenses, even dying can be expensive, but it’s an expense that, like your estate, is passed on to the family members you leave behind. There are steps you can take to minimize the hit your family will take:
- Estate Planning
- Charitable Planning
- Business Entities
By taking advantage of the legal process available to you, you can ensure that your family will receive all that you have worked so hard to provide to them.