Seeing as today is President’s Day, I thought it might be appropriate to point out that one of the primary reasons this country was founded was that the King of England was enforcing taxes against the American colonists even though the colonists had no representation in Parliament. They referred to this as Taxation Without Representation and it lead to both the Boston Tea Party and the American Revolution.
We still have taxation without representation today. When you die, the state and Federal goverments are able to levy a “death tax” against your estate that could be as high as 55 percent. This tax is on money that you have already paid income and capital gains taxes on during your life.
There are ways to completely avoid the death tax. One such way is with the use of a bypass trust. Another way uses Irrevocable Life Insurance Trusts. Sometimes it’s as easy as a scheduled charitable donation or even gifts made to family members throughout your life. There are many ways to avoid this double taxation without representation but you need to meet with an estate planning attorney to learn which way is most appropriate for you and your family.
For more information on successful Florida estate planning and asset protection techniques, please contact the South Florida law firm of Wild Felice & Pardo, P.A. at 954-944-2855 or via email at firstname.lastname@example.org to schedule your free consultation. It’s a Wild world. Are you protected?