Are there anyways to avoid inheritance tax?
63There are ways to avoid inheritence tax. The best way is estate planning. Why attempt to shield assets after your loved one leaves their body? Have it shielded ahead of time.
There are many different vehicles to do this. You can use foundations, trusts, IBC's, corporations, LLC's, Ansalts, corp soles, etc. There is a plethora of ways to set up your estate.
As there are many different individuals in the world, there are many different sets of circumstances which will cause each individual to have a potentially different asset protection structure.
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As a financial planner and general manager of a financial institution, I must disagree.
Parents should have some sort of retirement funds established which will leave funds for miscelleneous. If they took care of themselves when they were young and not made to feel incapable, they will be fine and not need a senior home. There are some that may however but those should be far and few between if life was lived right.
An attorney is not always necessary. An attorney makes people feel warm and fuzzy like a medical doctor. Attorneys can be as quackish as some medical doctors. Simply because one has a license does not mean they must know what they are speaking of.
With the proper education and with the age of the internet, this education can be free or low cost, one can set up their asset protection structure by themselves if they so choose. It is NOT rocket science.
Everyone should have asset protection, no matter what their circumstance. As I have said many times before, everyone is different and everyones asset protection plan should be different. However, there is always a constant from the extremely wealthy to those who live under the poverty line. This constant is, "Own Nothing and Control Everything". Once someone figures this out and applies it, their lives will change for the better and will be much more protected (assets).
Remember, its not what you make, its what you keep!
I do agree with sunriseconcepts about the attorney part. I used the word too casually. There are many besides attorneys who can offer this advise and protection of assets. BUT, as sunriseconcepts noted, just as with attorneys, there are many "quacks" to use his word, in every field. Attorneys and doctors do not have the exclusive rights to having quacks in their midst. AND, as for getting free information on line via the internet. Always remember, advise is worth just what you pay for it! If it's free, it's often not worth one cent! Again, to refer to a comment by sunriseconcepts, although many or most seniors will not require the expense of a senior home, MANY will have extra expenses to maintain their health and their independence as the age. If these expenses were not a valid and expensive aspect of oldest age, the medical supply business and chemotherapy clinics and dialysis facilities and hearing aid companies would all be out of business. So perhaps sunriseconcepts can agree that very few truly elderly in this moment in time "lived life right" during their younger years. I mean, didn't everybody smoke during the 50s, 60s, 70s? That issue alone will affect, and does affect, the life span, life quality, medical costs of hundreds of thousands of today's elderly.
Oh! looked at your profile! The "requester" if from the UK. All discussions off from me. Just a USA girl!
Hi, yeah I am from the UK, what's the issue? This question was not about the rich and the poor and counting blessings - it's about the UK government taking up to 40% of someone's hard earned cash. The estate will be left from someone who started with nothing as a mechanic, worked hard and became a successful motorsports manager. Do you you really think that deserves the response above, UK or not? Blondie, says it all - thanks for your input though Sunrise
yes I do feel the response is justified. 40% is taken if you own everything. 40% is taken due to lack of proper planning. There ARE ways to pay little to no tax EVER. The extremely wealthy know secrets and those secrets are out there and very feasible for all to do. In order to do something one has never done, one must do and think in a way they never have before.
So, Mr. ASCI, have either Sunriseconcepts or I helped you out at all? Or just made a lot of nonsense with our answers? In the USA it's sooooo very rarely a 40% cut out of what you inherit!!! AND, I don't know the $$$ brackets in UK, as there are here. BUT it sounds like your dad (I'm assuming) made quite a life for himself, rising up in the world as it were. Do barristers there help with advice like moving off to Virgin Islands or anything...passing it over to his descendants while he's still alive, a bit a a time, yearly. That's a big thing here in the USA. Good luck finding better answers from fellow UK citizens. Best!
In this case it is unfortunate. I would concentrate on your asset protection plan then instead. You may decide to take all the inheritance and donate it to a non profit or roll it into as you say real estate. Those profits can be rolled over and over until you retire in which they go into a family foundation.
Companies do business in other countries each and every day. Its all in the line of business.
I had steven sears attorney irvine ca prepare a trust and LLC with some international planning involved. I was very pleased with the service and would highly recomend him and his capable staff.
yes, he is highly recommended
Attended a great seminar at the Steven Sears professional law building in irvine CA. Also got a DVD and CD. check out the youtube VDO and the book: Wealth & asset protection
desert blondie says:
2 years ago
Inheritance taxes are now protected from most of us truly average middle income folks. After all, won't our parents be using all their available assets to pay for their senior care? BUT, if you have those "above you" in such fortunate circumstances that you, "below them" are worried about inheritance taxes, then you also have the funds to hire an attorney and follow through with some of the ideas brought out by sunriseconcepts in the post above. And, if you personally don't have the funds for an attorney right now, but those "above you" care so much for you that you are the one who's going to inherit so much $$$ that you'll be facing inheritance taxes, these nice folks, parents?, also have the money and the desire to go to an estate planning attorney with you and work this out to your advantage before they pass on. AND even if none of the above should occur and you find yourself inheriting so much money that inheritance tax becomes an issue in your lives, be grateful that someone left you a dollar or two and you're going to have to "hand over" 30 cents out of each one back to the government. What a hardship! Count your blessings!