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Bay Colony Advisory Group, Inc. offers inheritance tax estate planning services. Many clients are shocked when they learn that a portion of the wealth they have worked to accumulate can be taken back by the federal and state governments. Some assets- including cash value accumulated in annuities, IRA’s tax - sheltered annuities, 401(k) or other pension and profit sharing plans- are subject to death taxes and income taxation for heirs. One way to avoid double taxation for heirs is inheritance tax estate planning where you pay the income tax now and use the cash, net of taxes, to purchase life insurance. The result is, with proper inheritance tax estate planning, heirs can receive more money.
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