Charitable Planning, Estate Planning

Home Business Tax Savings About Home Business Tax Savings Tax Reduction Products Home Based Business Contact Home Business Tax Savings  
Home Based Business
Tax Reduction

If you are self-employed and live in the United States or Canada, you can probably reduce your taxes with a small business run with an honest expectation of profit and where your expenses are ordinary, necessary, and reasonable for that business. It's that simple.
Tax Links Tax Savings


Charitable Planning, Estate Planning, Planned Giving and Life Insurance

Without getting into too much detail, if your estate is of sufficient size - $5 million plus - to be concerned about estate planning there are unique planning ideas that can help you and your family minimize estate taxes, increase retirement cash flow to you and your spouse and to help a worthy charity (or charities) that you care about, as well as life insurance.

Heres just one very simple idea out of many: One sets up what is called a charitable remainder trust. This trust gives a future donation of property or other assets (usually appreciated assets). The property is given today but the charity does not have access to that until both you and your spouse die.

Say it is an apartment building purchased for $500,000 15 years ago and now worth $3,000,000. The charity receives the gift, sells the property and guarantees you and your spouse a lifetime income. You receive the income plus a current substantial tax deduction.

Whats the result? You and your spouse receive lifetime income, a current large tax deduction and the property is no longer in your estate or subject to estate taxes. So what about the children or grandchildren? One can take some of the cash flow from the charity and by using an Irrevocable Life Insurance Trust (ILIT) obtain life insurance that replaces the value of the asset to the children and passes estate and income tax free!

This is a very simplified description of many varieities of this and other techniques where you, your family and charity can benefit if you plan a gift.

Ask a qualified associate, in concert with legal advice, to help crunch the numbers to show if such designs can be of benefit to you. You can contact us for more information on charitable planning. Mark the contact - "Questions about charitable planning" so we get it to the right associate.

Written by by Richard Reich
Author, Richard Reich, writes articles on life insurance, whole life insurance, and term life insurance for Life Insure.com, Life Insurance Direct, provider of life insurance quotes and information. For more information, visit www.LifeInsure.com.


More Articles
  • The Deal with Car Donations to Charity
    A lot of people donate money or items for charity because they want to share their blessings to the underprivileged. However, there are also some folks who do it just for the tax write off. Anyway, it...
  • Child Tax Credit
    Now, here's a real savings to the individual taxpayer with children. The child tax credit is a direct tax credit that is available to provide credit to taxpayers with income below certain established levels....

Tax Reduction Strategies
"It's How Much You Keep That Counts! Not How Much You Make."


Read More
THE ULTIMATE Tax-Reduction System For Small and Home Based Businesses!

This easy-to-use System was developed by an MBA and a CPA, and contains SPECIAL ENDORSEMENTS by a Certified Financial Planner and a Registered Investment Advisor, each with more than 20 years experience in their fields.

Get the Biggest Refund you deserve
Maximize your Tax Deductions
with TurboTax

Copyright ® 2008 TaxSaverOnline.com
Home     About Us     Home Business    Tax Savings     Newsletter    Articles