A dreaded disease is spreading like wildfire—in all 50 of the United States. It debilitates most successful business owners…then, ravages some or all of the kids and eventually hurts the grand kids. Known by various names, the most common name is “estate-tax-itus”: It drains family wealth.
Some people don’t even know they have the disease. Most know because they have the painful symptoms and search in vain for a cure. They attend seminars, read articles, special reports and books. Go from advisor to advisor looking for relief.
The key question is … is there a cure? The answer…a resounding ‘YES’. This article shows you how to start the process to totally cure estate-tax-itus for yourself, your family and your business. Every time. No matter how young or old you are. Whether you are worth $1 million, $10 million (or much more). There are many ways to fight the disease, but the best way is to build a “tax-immune system.” For best results, start today.
Here’s a three-step process that works every time. Steps #1 and #2 make the diagnosis. Step #3 accomplishes the cure.
Step #1: Prepare a personal financial statement for you and your spouse. Divide your assets into the following five categories.
Step #2: Make a list of your goals. Actually three lists: (1) for you and (if married) your spouse; (2) for your family (typically children and grandchildren); and (3) your business.
Here are the typical core goals we see in practice: For list (1)—maintain your lifestyle for as long as you (husband and wife) live and allow you to control your assets for as long as you live; For list (2)—transfer your assets to the children and grandchildren intact—free of the estate tax—and educate your grandchildren; For list (3)—transfer your business to the business child (or children) tax-free and treat the non business children fairly.
Step#3: Find an advisor who knows how to identify and implement the exact tax strategies that accomplish your goals using the specific assets on your financial statement.
Following are the are most often-used strategies we use in our practice to accomplish a typical client’s goals, based on the assets owned.
Finally, if your estate plan is already done, and it does not effectively eliminate the estate tax, get a second opinion.
Want to get a running start on how to eliminate the estate tax and accomplish all of your goals? Read the book that explains how to do it easily and step-by-step, Tax Secrets of the Wealthy or contact me, Irv Blackman with the information below.