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Your business interest may be the single biggest part of your estate, but it probably is not all of it. You may have other assets, such as your home and other real estate, stocks, bonds, mutual funds, savings accounts, Individual Retirement Accounts (IRAs) or other retirement plans, life insurance, annuities and personal effects. Therefore, there is always the need to coordinate your business and other assets in your overall estate plan.
A major factor in doing this is to look at estate taxes or estate tax reduction techniques. This also includes examining the various ways to transfer business interests or other assets to children or others during your lifetime - such as by gifts, grantor retained annuity trusts, installment sales and private annuities, and the application of discount valuations.
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