12:41 07 March 2013
When you’ve worked hard to achieve some level of success in life, you want to make sure what you’ve gained from that hard work is passed on to loved ones when you’re gone. Leaving an inheritance is great, but knowing how to keep inheritance taxes at a minimum is even greater.
History tells us that the great inventor Benjamin Franklin said "but in the world nothing can be said to be certain except death and taxes." I am pretty sure we can all agree with that statement. Perhaps the government saw putting those two sureties together and came up with the inheritance tax.
Simply put, the inheritance tax is taxes levied against what you leave behind when you die. This includes all money and property, minus debts and expenses like funeral and burial arrangements.
If you’re planning to leave an inheritance for your family, there are certain tips that can help you keep those taxes to a minimum. Here are some hot tips for providing the best inheritance for your loved ones:
Inheritance taxes can be a pain, but planning for them now will make passing on your estate a lot easier.
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