You may wish to consult with an insurance professional as life insurance policies can be a powerful tool to provide estate liquidity as well as to equalize bequests to beneficiaries that may be disproportionally reduced by tax in the future.Some assets may be more exposed to such erosion of wealth than others, so you may need to do some planning for equalization purposes to ensure the desired impact of your legacy on each beneficiary and philanthropic cause is not diminished.The wealth that forms your legacy may be subject to erosion from taxes, depending on the assets in question-you may wish to consult with a tax and/or legal professional to assess your future tax liabilities and estate fees to quantify the probable estate shrinkage.Assess And Account For Future Tax Liabilities And Fees Is there a buy-sell agreement in place? If the family is to carry on the business, will there be sufficient liquidity to assist in the transition?).Ģ.
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