This column is about our book, "Tax Secrets of the Wealthy," that shows you how to finesse the estate tax. Jot down what you think you might be worth on the day you go to the big business in the sky.
If I wrote a bible of taxation, the first commandment would be, "thou shalt not put real estate into a corporation. "
At least a dozen times a year, readers of this column ask us to do a tax consultation (usually for transfer/succession/estate planning), and we find business real estate in a separate "C" corporation (sometimes in an "S" corporation) and leased to the operating corporation.
I often ask clients, "What is your charitable intent?" Most respond by saying it's not significant. But when I ask the same clients if they would be interested in learning how to use the tax law to enrich their families while giving to charity and saving taxes at the same time, the reply is usually positive.
This column includes a real-life case study dedicated to accomplishing three goals at the same time: 1) Enrich your family; 2) Enrich charity; and 3) Reduce taxes.
Best of all, it's easy to do, and the tax law becomes your friend instead of your enemy.
Doing estate planning for a client requires me to ask lots of questions. One I always ask is, “What is your charitable intent?” The different answers could fill a small book.
Conventions offer a wonderful opportunity for trade association members to work and play (and of course, get a legitimate tax deduction) at the same time. For me, conventions--as a seminar speaker--are a delightful combination of teaching others, while learning first hand about the problems of the business owner attendees (and of course, getting in my share of playtime too).
This column has always had two purposes: 1) to educate and help my readers and 2) to serve as a lazy man’s way of marketing. The marketing part is often frustrating.
It’s sad, but true: Most successful business owners spend a lifetime accumulating wealth, but when they die (or when their surviving spouses die), they lose at least half of their wealth—by law—to the IRS. Do you always have to be a heartbeat away from enriching the IRS? Not if you know what to do and how to do it.
Listen up: A ton of estate planning, business succession and tax-free wealth creation knowledge is about to come your way. You’ll also learn about wealth transfer, asset protection and life insurance.
Enriching the IRS with your life insurance dollars (death benefits) at the expense of your family makes my blood boil. Turning the insurance tax table on the IRS makes me one happy camper.
If you buy a term life insurance policy, you are betting that you will die before the end of the term. Typical terms are 1 year, 5 year, 10 year, 15 year and 20 year.
