Is it possible to pass your estate to your heirs in a tax and cost effective manner? In many instances, there are tax-efficient and cost-efficient strategies to help reduce or eliminate the taxes and costs to transfer wealth, sometimes, even increasing the size of the estate during the transfer.
Wills and trusts address specific issues and may need to be reviewed and updated as your desires and situation changes or as laws change that may impact your future plans. Many financial issues could cause money to fall through the cracks in places like your tax returns, risk exposure, unknown fees and charges, low rates of return, large future income tax problems from your qualified or non-qualified money, protecting you and your family from long term care, and lawsuits. Most of these issues are not addressed in your will or trust.
Ongoing income taxes and especially significant taxes to your heirs are key concerns today and many people believe that their wills and trusts or other estate planning documents address these issues, and many times find out too late that they were wrong.
Jim Sloan & Associates and Global Financial Private Capital, LLC do not provide tax or legal advice. You should consult your own tax or legal professional on any such matters. If you don’t have one, we could provide a list of several to interview.
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