Shrink The Value Of Your Estate Without Harming Your Business
If you're an entrepreneur who said goodbye to the rat race years ago
, you probably have your own company or business that's doing OK today. You've spent years building your business, although you might lose control over where it's going to be after you've passed on. If you don't integrate this consideration into your retirement plans or exit strategy, your estate's value could decrease significantly, and even translate to financial stress for any of your beneficiaries.To ensure that your estate passes to your heirs without a glitch, you'll need to develop a good transfer strategy by planning today, and making changes to your plans based on the conditions you observe. Here are some things you need to know about how to shrink the value of your estate without putting undue strain on how much your business is worth:
There's a simple way to shrink estate value - you can give gifts of up to $13,000 annually to every one of your family members (or other people) without having to pay a corresponding amount for federal tax. If you're married, your partner can also give gifts. These gifts may be in cash, stocks, bonds, real estate, securities, and so on.
You can also reduce estate value in larger amounts. Aside from the annual gift -giving with the aforementioned limits, each US citizen can also make gifts totaling a million dollars, tax free. In case you're married, both partners can make untaxed gifts up to a combined total of $2 million. For example, an entrepreneur with a two-million-dollar company that grows about a third in value every year can get that value and take it out of his or her estate, plus the appreciation, by giving gifts to his or her heirs. Keep in mind that after you've exhausted the $1 million limit on tax-free gifts, that's it, although you can still give up to $13,000 yearly without taxes.
by: Carina Smith Ipod Touch And Apple Company Iphone Recycling For Cash The Business Idea Of Catering Business Directories Allow Any Kind Of Business The Opportunity To Gain Visibility How To Finance Your Business With A Sr&ed Sred Tax Credit Secured Loan Foreclosure Cleanup & Trash-out Business: Three Common Questions And Answers About The Industry Best Father Of Bride Speeches - Basic Points To Incorporate In A Speech Invest In A Roll Up Stand For Your Business Business Directories Enhance Your Online Presence The How-to Of Your Business Future Choose An Android Development Company To Enhance Your Business Foreclosure Clean Up Business Advice: How To Market Your Business Beyond The Foreclosure Crisis One Click Solution To Start Your Business Toronto A Warm Destination For Tourists And Businessmen