Letting Go: Death, Taxes and Death Taxes
Double Your Influence and Control Your Wealth (Even the Part You Have to Give Away)
An ancient witticism declares that life's only certainties are death and taxes. That is debatable. What is certain is that the most serious threats to your accumulated wealth are death, taxes, and death taxes.
For years, you -- an individual of significant means -- could utilize a number of legal techniques to protect both your income and assets. During the past decade or so, however, the vast majority of attractive planning options have been eliminated.
As a result, you and every other wealthy individual in the United States are now major philanthropists -- willingly or unwillingly. During your lifetime and at its conclusion, as an individual of means you are compelled to give away a significant portion of your income and assets to a philanthropic organization called Government.
Yet, one highly effective, and often overlooked protection for income and assets is still available to those who can harness its power. This technique is called "charitable giving" and enables you to:
• Keep a greater proportion of income for your personal use;
• Leave a larger proportion of your estate to your heirs; and
• Control that portion of assets that must be given away.
Charitable giving provides wealthy individuals (such as you) a choice to direct that portion of your wealth which must be distributed -- either to taxes, or to causes you support. And with that latter choice comes significant personal rewards inherent in charitable giving. This concept of "charitable giving " embodies a peculiar paradox: The only way to control wealth is to give it away!
This is why, in our view, the inevitability of taxes is open to question.