“Estate planning taxes” do not exist. There is no tax on the process of estate planning. However, if you neglect to set up an estate plan, it will cost you. If you don’t take action, your family will lose money in the form of probate, state estate
Life insurance has always been an estate planning tool. Estate planning, life insurance, wills, and trusts have always gone together like bread and butter. But, life insurance estate planning techniques have taken a hit since the Obama tax extensions. Life insurance is sold on three premises. 1)
One of the most popular estate planning tools is the family limited partnership. It allows a family to divide up family assets, while allowing Mom and Dad to maintain control. It allows a family to shift income from high tax bracket individuals to lower tax bracket individuals.
Family farms present a unique estate planning problem. The family farmers often operate on a thin profit margin (we hope it’s a profit), and yet, they are worth millions of dollars. AKA, they are cash poor and land rich. Dad needs to continue to operate the farm,
