“A taxpayer is someone who works for the government, but doesn’t have to take the Civil Service Exam.” – Ronald Reagan
Is the government your partner? If so, wealth preservation may be an issue… expect Uncle Sam to want part of all you worked for when you die.
If you own raw land, a farm, a successsful business, or rental property, be careful; a portion of your estate may be siphoned off to pay federal and state death taxes, as well as fees and final expenses required to administer your estate. Your family then receives what is remaining after these estate settlement costs have been paid. Here’s an illustration of the situation your heirs could face: Continue reading