If your business adds a significant amount of wealth to your estate, it also increases the estate's potential tax liability. Here are a few ways you can pass on your wealth and take care of your family.
Savvy owners of fast-growth companies realize that taking steps now to create an estate plan -- while their companies are young -- will be less fraught with complications, less expensive, and more advantageous to their beneficiaries. Without any type of plan, Uncle Sam could become your major beneficiary.
At the very least, you should have a will that clearly spells out what property goes to whom. But in the case of most business owners, a strategy that thoroughly informs your gradually passes on your assets will significantly reduce your heirs' tax burden in the long run.
Who's heading up the fight for the estate tax? None other than William Gates, Sr. -- Bill Gates' father. Here, Rhonda Abrams shares her thoughts and an interview with Gates on his fight to keep the estate tax.
The Way with Wills
If you do nothing else to plan for the future of your assets, you should at least write a will. Learn more about this important document through the answers to these commonly asked questions.