What if the estate tax is a voluntary tax???

 

 

 

The meeting had just ended with “GW”….. thanks for your time today, Kerry.  We will think this over and get back with you.  I just wish there was a way to eliminate the estate tax but I know that’s impossible”.  I replied, “Estate tax is a voluntary tax”.  “No way” said “GW”.  “How can you eliminate estate tax?  No one has ever said this to me before”.  

 

We spent another 10 minutes in my office while I described the solution that would eliminate their estate tax bill.  

 

“Why hasn’t anyone ever told me this before”?  My answer was “This is why I have a J O B.”

 

Four months later, the plan was in place which resulted in their wealth going to their family and favorite charities instead of the Tax Man and their family getting what was left over.  This involved 2 special types of trusts and a strategy for making present interest gifts.