Don't we all want to pay less in taxes?
Kathy Barto
Crackerbarrel Corner's eBook Reviewer
Rating:
Tax Secrets of the Wealthy
by Irv BlackmanIrv Blackman is CPA who resides on Marco Island. He specializes in estate planning, business succession and asset protection.
This is his Top 10 List to protect your assets:
1. Do not keep property in joint tenancy. Not with your spouse. Not with anyone else.
2. Do not put money in a pension or profit-sharing plan — IRA or other qualified plan — if you are rich or likely to become rich. Rich means you are in the highest income tax brackets (about 40 percent for most states, 35 percent for Florida residents) and highest estate tax bracket (55 percent).
3. Do not be fooled. A will is not an estate plan. A revocable trust is not an estate plan. They are death documents. Your wealth transfer plan must start now. While you are alive. Simply put, you need a comprehensive lifetime tax plan as part of your overall estate plan.
4. Do not put real estate in a corporation. Not a C corporation. Not an S corporation. Instead, use a family limited partnership or a limited liability company.
5. Do use a “Retirement Plan Rescue” (RPR) if you have over $200,000 in a qualified plan.
6. Do create an IDT (intentionally defective trust) if you want to make a tax-free transfer of your family-owned business to your kids, yet want to keep absolute legal control of the business for as long as you live.
7. Do create a FLIP (family limited partnership) for all of your investment assets not dealt with by the other tax-planning strategies listed here: Typically income producing real estate, vacant land and your stock/bond portfolio.
8. Do make sure, as a final test that all your wealth — every dollar of it, whether you are worth $3 million, or $30 million, or more — passes intact to your family. Just reducing your estate tax is not enough. Always, but always get a second opinion if your current estate plan does not pass the “Final Test”
9. Do make sure that your advisor uses strategies that protect you and your children from creditors and potential lawsuits (particularly from an ex-spouse when one of your kids gets divorced). Asset protection is just as important as IRS protection.
10. Do make sure you have two separate plans: 1) An estate plan that transfers your wealth in the most tax-effective way; and 2) A lifetime plan that a) maintains your lifestyle (and your spouse’s) for as long as you live and b) Dovetails with your estate plan.
For more information on what Irv Blackman can do for you... Click Here
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