Converting Estate Tax to Family Wealth

Jeff Camarda (), Steven James Lee () and Jerusha Lee ()
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Jeff Camarda: Family Wealth Education Institute
Steven James Lee: California State Polytechnic University
Jerusha Lee: Claremont Graduate University

A chapter in The Financial Storm Warning for Investors, 2021, pp 155-164 from Springer

Abstract: Abstract As if income taxesIncome taxes weren’t complicated enough, you must also worry about taxes on propertyProperty and other asset transfers—gifts and bequests specifically—made either during your lifetime or after you pass away. This chapter brings deft estate planning to the forefront of wealth protection. We explore two powerful stratagies—estate freeze techniques and gifting strategies—to maximize the amount of property you can remove from your estate and thereby minimize or eliminate gift and estate taxes—without giving up control or enjoyment of the assets. Other tax avoiding concepts discussed in this chapter include annual exclusion and unified credit usage, family limited partnershipsFamily limited partnership (FLP), grantor-retained annuity trusts, family bank ongoing trustFamily Bank Ongoing Trusts (F-BOTs), and family bank individual trust. Additionally, we include a brief discussion on marketability and other discounts to squeeze even more out of your estate, beyond the reach of Uncle Sam.

Keywords: Taxable gifts; Wealth protection; Estate; Gifting strategies; Family bank trust (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-77271-0_16

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DOI: 10.1007/978-3-030-77271-0_16

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