There is an old expression that says, "You can't take it with you." One of the reasons that expression is true has to do with your federal and state governments. If you are lucky enough to have a large estate, one of the biggest transfers at your death may be to the tax collector. You can discuss ways to reduce these taxes with a qualified estate planner. This may include use of trusts as well as conveying or gifting certain assets.
As important as it is to reduce taxes, these strategies should never come before having your assets go to satisfy your other desires. It is all right if you want to set up your estate in such a way that results in paying more tax than you might otherwise have to, yet allow you and your spouse complete control of your assets or to benefit someone in particular. No matter what anyone tells you, it is your money.
Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA/SIPC.
Infinex and First Commonwealth Bank are not affiliated. Products and services made available through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.
*We do not provide tax advice. Consult your tax advisor.
*Diversification is a method of controlling risk. It does not assure a profit or the avoidance of loss.
**Dollar-cost averaging is a method of controlling risk. It does not assure a profit or the avoidance of loss. Investors should consider their ability to continue a dollar-cost averaging program in periods of declining markets.