Paying too much in taxes or setting the stage for higher estate taxes for your heirs? Let us review your tax situation. Or perhaps convert ‘involuntary philanthropy’ (i.e. taxes) to ‘voluntary philanthropy’ through charitable planning.
Capital gains taxes are … wait for it … voluntary. Federal estate taxes are … voluntary. Generation skipping, gift tax, and so forth are … voluntary. You don’t have to pay them as long as you support the social well-being of the country in a way that is, as said, in alignment with what is important to you … which could be your own family foundation.Are you taking advantage of the opportunities to opt out of the “involuntary philanthropy”? You can direct the money you would have paid in these taxes towards “voluntary philanthropy”… supporting those organizations, causes and missions that you feel can make the best impact on the lives of other Americans.
“Zero tax planning” approach is simply utilizing the rules that are already in the tax law, but which only a fraction of advisors discuss with their clients, and even fewer clients are aware that these opportunities exist.