Do you own something worth more now than when you paid for it?
Minute Estate Planner Podcast
If you don’t think you can learn something useful about estate planning in one minute, think again. Estate Planning Attorney Jesse Bifulco presents the Minute Planner Series.
What is a bigger threat? Estate and gift taxes or capital gains taxes?
In sixty seconds, learn one of the most important analysis you can conduct to save taxes for your estate.
Jesse Bifulco, Attorney, Camden Maine
Do you own property that is worth a lot more now than you paid for it? The camp you inherited, land you bought in 1973, the stock grandpa gave you. These are all potential income tax liabilities.
If you don’t plan right, you can give that tax problem to your kids. What if you aren’t worried about the kids?
What if you just want to get the benefit yourself without paying the capital gains tax?
You pay capital gains taxes on the difference between what you paid for something and what you sell it for.
If your property is worth hundreds of thousands or millions more than what you paid for it, chances are, the tax at sale will be much more than any gift tax.
Wouldn’t it be great to have the market value of that property without paying the capital gains taxes? Or leave it in a way that erases that tax for your heirs. With a well drafted estate plan you can.
An estate plan review can show you how much you’d be liable for, and how much you could save and use yourself, or leave the kids.
This is minute estate planner with attorney Jesse Bifulco
learn how to Create Structure In Your Documents
find out how to plan your estate
Call an estate planning attorney, or register for a free estate planning workshop