Do you want to know how to avoid paying estate taxes from attorneys? Here are some of the ways to do this.
It’s not possible to purchase life insurance when you’re close to passing away. Instead, it’s best to buy this insurance as soon as possible because you can get a death benefit that’ll cover most of your estate taxes.
Although this estate planning technique does not assist you in avoiding estate taxes, it makes it simpler for your family to pay the tax. Spending or transferring part of your assets while you’re still living is one of the simplest methods to reduce your estate tax obligation. Attorneys may come at you anytime for estate taxes so be prepared by doing this another way.
A life insurance trust is divided into three components. the grantor, who’s both covered by the life insurance policy and the person who funds the account. The recipient of the life insurance benefit after the grantor has passed away is the beneficiary. The trustee is the person in charge of supervising, managing, and allocating the trust’s assets.
Learn more by watching this video.