November 25, 2013
4 Ways to Lower Your Taxes by Sharing Your Assets Now
Four ways to lower your taxes by sharing your assets before you die.
Did you know that you could reap significant tax advantages by distributing parts of your assets before you die?\n\n
If you're on track to fully fund your retirement, health insurance and mortgage - and are debt-free - you may want to start sharing your money now.\n
- Give cash or property worth up to the annual limit, and you'll avoid the federal gift tax. \n\n
- Fund a 529 Tuition Plan to pay for someone's education. You won't pay federal tax on interest earned. \n\n
- Consider applying your tax-exempt gifts to help loved ones pay for health insurance or 401(k) contributions. \n\n
- And bump up your own charitable contributions.
Bottom line: If you're finances are in good shape, why not share the wealth while you're still around to enjoy helping others?
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