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By shifting any future appreciation out of their estate, the wealthy can avoid or reduce estate taxes at death. The investment growth becomes a tax-free gift to heirs. Absent growth, the asset simply passes back to the owner without a transfer of wealth.
Alabama. There are no death taxes in Alabama, which will make your heirs happy. Alaska. Alaska residents can transfer assets to heirs tax-free when they die. Arizona. Whats not to love about Arizona? Arkansas. California. Colorado. Delaware. Florida.
A succession plan will take the uncertainty out of your businesss future and is an integral part of any owners estate plan. You may plan to transfer the business during your lifetime and begin developing and training key employees or family members in advance.
Estate tax planning attempts to reduce potential estate tax liability by utilizing planning techniques to reduce either the amount of property in the taxable estate or to minimize the valuation of the property in the taxable estate.
Use trusts for asset protection Irrevocable trusts let individuals transfer assets to future generations while minimizing estate tax consequences and providing potential income or gift tax benefits.
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Besides making sure your assets get to the people you choose, planning can help minimize income, gift and estate taxes, too. Without an estate plan, and specifically a will, the laws in your state will determine what happens to your possessions, and the courts will decide who gets custody of your children.

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