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KEEP MORE OF YOUR MONEY How to Save Big and Secure Your Family’s Future
Stay secure with a trust. Trusts are fantastic tools to manage asset distribution after you're gone. You can exclude certain assets from your taxable estate by setting up a trust, like an Irrevocable Life Insurance Trust (ILIT). This means they’re protected from estate taxes, creditors, and divorce proceedings — talk about a triple win!
Navigating the world of estate taxes can feel like trying to find your way through a pricey maze. Luckily, with strategic money management, you can minimize the taxes on your estate,
ensuring more of your hard-earned assets go directly to your loved ones. Here’s a quick guide on how to keep taxes at bay and safeguard your family’s inheritance.
Step-up your basis. Here’s a little-known trick: Hold onto assets that appreciate until your death and your heirs can benefit from a “step-up in basis.” This means they will only pay taxes on the gains made from the date of your death rather than the total gains from when you first acquired the asset. It’s like pressing the reset button on potential capital gains taxes, which can be a huge relief. Minimizing estate taxes doesn’t have to be a dreary affair. With these tips and proactive steps, you can ensure more of your estate goes where you want it to — without a hefty tax bill. So, chat with a savvy estate planner and start building your plan. Your heirs will thank you, and your legacy will stretch even further!
Gifts can be golden. Spreading a little wealth now can save a lot of taxes later.
Known as “annual exclusion gifts,” you can give up to $18,000 to as many people as you like without incurring yearly gift taxes. If you’re feeling generous, doubling this with your spouse means you can give away $36,000 per person annually. This isn’t just a great way to reduce your taxable estate but a perfect way to see your loved ones enjoy their inheritance while you're still around.
OUR CLIENTS SAY IT BEST “Case gives attorneys a good name. He helped me out with my car accident lawsuit. He called me before we met in person to give me some information and to let me know what to expect at our first meeting. When I came into his office, I was greeted and given a welcome packet that had a ton of helpful information. After our first meeting, his team was in constant contact with me, giving me updates and walking me through the process. The paralegals and other attorneys were supportive and always let me know what to expect. They were so on top of things that my case settled for the policy limits in less than six months. Thanks to Case and everyone at Case Barnett Law!”
–Judy B.
This publication is intended to educate the general public about personal injury and elder abuse. It is not intended to be legal advice. Every case is different.
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