There are many reasons why the wealthiest families on the planet are wealthy. Although not every family has an extreme amount of wealth, sometimes families with more modest, yet considerable wealth, can learn something about maintaining their wealth for future generations by looking at what the world’s wealthiest families have done in terms of estate planning in Florida or in any other state. One way which the wealthiest families have maintained their hold on their fortunes over the generation is through smart estate tax planning.
One of the wealthiest families on the planet is the Waltons who are the owners of Wal-Mart Stores Inc. The Waltons are known as the richest family in the United States with over $100 billion in worth. Aside from creating a highly profitable global retail corporation, the family has also taken advantage of estate laws which have allowed them to avoid paying estate taxes and gift taxes. By making the right decisions regarding management of their assets and property, the family has saved billions of dollars from tax liability.
One way that the family has been able to do this is through the utilization of trusts. Since 2003, one Walton family member put over $9 billion into trusts that help to fund charitable organizations and projects. However, the trusts were also created to shield their gifts to their heirs from tax liability. The Waltons have become a prime example to other wealthy families on techniques available to avoid having to pay estate and gift taxes.
However, not all estate tax planning techniques will work for every situation in Florida or in any other state. One’s estate planning decisions should be based upon one’s individual circumstances and goals. On the other hand, one should not ignore estate planning, which means it would be wise for consumers to educate themselves on the applicable laws that may affect their decisions regarding their estate plans. This will also help one to choose the best estate planning tools in order to ensure one’s intended heirs receive one’s assets.