Life insurance can be used to save on taxes and protect inherited assets from creditors.JupiterimagesFor the wealthy, life insurance is an unsexy yet powerful tactic for avoiding taxes.By putting the policy inside a trust, the death benefit is excluded from estate taxes.The payout goes to the trust, which pays Uncle Sam and protects the remaining assets from lawsuits.Estate taxes pose a dilemma for asset-rich but cash-poor Americans.

Topics:  americans   robert strauss   weinstock   manion   bank   crummey   kate maier   wealth enhancement   group   business insider   uncle sam   ilit   griffith   irs   rich   life insurance   neat trick   save on taxes and protect   trust   policy   estate   beneficiaries   insured   million   benefit   death   cash   pay   assets   future   bill   grantor   notices   beneficiary   instance   partners   period   clients   notify   trustee   money   protected   taxable   policies   law   surviving   pays   payout   set   receives   pass   spouse   state   permanent   advises   included   transfer   gift   named   time   provide   children   taxpayer   individual   left   laser   partner   ways   trusts   distributed   common   jet   
BING NEWS:
  • Warren Buffett's famously frugal ways extend to his children and their inheritance. Here's what we know about his will — and why estate planning isn’t just for billionaires
    Whether or not you’re the same, you should ensure your adult children won’t have any inheritance ... $2M in life insurance coverage — with no medical exam or blood test Estate planning isn’t just for ...
    11/12/2024 - 12:06 am | View Link
  • Rich Americans are dodging capital gains taxes by gifting their booming assets to their parents and inheriting them back before cashing out. But is this trick even legal?
    How can gifting assets to your parents allow you to save on taxes. If you're a wealthy young American and you expect to make a substantial profit on the sale of assets like stocks ...
    11/5/2024 - 10:32 pm | View Link
  • ‘Patriotic millionaires’ urge Reeves to raise taxes on the rich
    The remarks from Mr Campbell and other members of Patriotic Millionaires UK, a campaign group of the rich calling for higher taxes on the rich, forms part of a report by the Institute for Public ...
    10/16/2024 - 7:00 pm | View Link
  • What It Really Means to Tax the Rich
    Frank Clemente, executive director of Americans ... an inheritance consisting of assets like a house purchased for $500,000 and now worth $5 million would avoid capital gains taxes on the $4.5 ...
    11/2/2021 - 4:57 am | View Link
  • More

 

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More Business News