What's better: gift today or a bequest through your will?
Article Abstract:
Stock gifts given immediately increase tax gains that consequently elevate tax burdens of the recipients of the gifts. Hence, it is advised that stocks given as gifts to family members are better bequeathed through wills because this will yield considerable tax savings to the heirs. In addition, this will allow givers of the stock gifts to maintain complete control. However, gifts held by wills can be disadvantageous since these will increase estate taxation.
Publication Name: The Business Owner
Subject: Business, general
ISSN: 0190-4914
Year: 1999
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Vacation or second home: what are the tax implications?
Article Abstract:
The implications of reporting a vacation home as a second home for tax deduction purposes depend on various factors. Tax deductions that will be incurred in using the home as a second home may be offset by the revenues acquired from renting out the property. In addition, rules on hobby and passive losses should be followed. The services on an accountant is needed in evaluating these factors.
Publication Name: The Business Owner
Subject: Business, general
ISSN: 0190-4914
Year: 1996
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Non-ownership is the key to tax avoidance
Article Abstract:
The potential tax in life insurance policies can be avoided by transfering or selling the policy to the spouse or children, and by establishing an insurance trust to own the policy. Business owners should avoid being the owner of insurance policies as only the policy owners can be taxed. It is advisable to have the healthier spouse or another family member to be the owner.
Publication Name: The Business Owner
Subject: Business, general
ISSN: 0190-4914
Year: 1997
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