Succession and estate planning is difficult and time-consuming. However, it is also a key step for a business that can grow into the future.
Avoidance of estate taxes is one consideration in estate planning, but the estate tax system only applies to the wealthy. The income tax, however, applies to EVERYONE, and improper income tax planning often creates unnecessarily large income tax liabilities for the heirs of middle income Americans.
Portability allows the predeceasing spouse’s unused estate tax exemption to be used at a later time for the estate of the surviving spouse. But for better estate tax planning results, large estates shouldn’t solely rely on portability to reduce their esate taxes.
While picking potato chips doesn’t deliver much in the way of nutrients, choosing the right kind of snack can positively affect your health today and in the future.