The Tragedy of Estate Tax and Probate
Estate taxes jumping from zero to fifty-five percent (55%) on January 1st 2010. Losing 55% of your net worth overnight is devastating so here the government adds financial pain to the sorrow of loss. Without proper planning, your family will take a devastating financial blow in the form of estate taxes. These taxes will wipe out the wealth accrued by many families as heirs scramble selling assets at bargain prices to pay estate taxes. With proper planning they might keep it all, in fact they may inherit more than your estates actual value if life insurance is properly used.
Additionally, the time it takes to probate an estate runs anywhere from 3 months to several years. Sadly, sometimes it takes decades to resolve probate issues. Legal fees and cost wrestle an extra 3-7% of your estate from your heirs. If your will is contested the entire estate could disappear in legal cost. Performed properly millions may be quietly and legally passed to your heirs under the tax radar of probate courts and the lawyers.
Additionally, the time it takes to probate an estate runs anywhere from 3 months to several years. Sadly, sometimes it takes decades to resolve probate issues. Legal fees and cost wrestle an extra 3-7% of your estate from your heirs. If your will is contested the entire estate could disappear in legal cost. Performed properly millions may be quietly and legally passed to your heirs under the tax radar of probate courts and the lawyers.These matters are best not left to the courts, the IRS and lawyers.
You can take positive action now that will insure your family's well being. I doubt if you worked your entire life to pass a majority of your assets to the government and lawyers. We have some very clever ways to keep your estate a low profile matter. The less it appears you own to inquisitive eyes the better. We are very good at making your wealth profile appear small. Our methods are a bit unconventional however; they are completely legal and greatly reduce your estates footprint.