Many people have tremendous assets referred to as Annuities, Retirement Plans such as 401Ks, IRAs, TSA’s and Pension and Profit Sharing Plans. Here’s the good news, each of these retirement plans is a great way to accumulate wealth. Here’s the bad news, each of these retirement plans is the worst way to transfer your wealth to your children.
Each of these assets are what I call “Red Assets”. What I mean by red assets is, these assets are subject to being taxed three times, with Federal Estate Tax, Income Tax and Capital Gains Tax and in some cases depending on the state you reside in you could (or least your heirs) be subject to State Inheritance Tax.
Many people leave more than one-third of their wealth on the table because of these “Red Asset” Taxes. What I call this is punishment by confiscation. Mark Twain says, “The only difference between the taxman and a taxidermist is that the taxidermist leaves the skin”.
What Most Don’t Know
What most people don’t know is, they can convert their “Red Assets” into “Green Assets”. Green Assets are not taxed at all. Sad to say, but most people are unaware, or at least they believe not paying these taxes on red assets is reserved for the ultra wealthy. The reality is, yes your Red Assets can be converted into Green Assets.
We have trademarked a process we call The Legacy Planning Process™. This process is powerful and sets forth a fresh mindset that can change your direction in controlling your assets and eliminating your tax obligation.
With help eliminating your Red Assets and moving them to Green Assets contact us today!