How Can You Mitigate Taxes Through Estate Planning?

Posted on March 29, 2022

Estate planning is a vital part of tax mitigation, and it can help to reduce your taxable income and estate taxes. By taking steps to organize your finances and estate, you can reduce your overall tax burden. Here are a few tips to get started:

Create an estate plan - This will help to ensure that your assets are distributed according to your wishes while helping to assure that you avoid unnecessary taxes and disputes.

Invest in tax efficient assets - Investing in classes of assets that are 'tax efficient' or holding assets in such a manner that they can appreciate over time without increasing your tax burden can potentially reduce total taxes due both now and later.

Tax planning should be combined with comprehensive asset protection planning so as to legally and ethically protect your assets from unnecessary taxes and predatory law suits! Estate planning can be complex, so be sure to consult with a professional to get started.

If you are an attorney and don't offer asset protection services to your clients or if you want to up your asset protection game, let's schedule a call!