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Net Worth vs Estate Worth: 2 very different things
Your net worth is simple to calculate. It's your assets - liabilities = net worth.
Your estate worth, factors in the taxes owed in your estate from these assets when you pass away and transfer these assets down to your children and grandchildren.
Your estate worth can be significantly less than your net worth because of these taxes.
There's 3 things you need to know:
1) Which of your assets will be taxed when you pass away
2) How much the tax bill will be
3) Most importantly, how are you going to pay these taxes in a cost-effective manner.
There are some very ineffective ways to pay for these taxes and some very effective ways to pay. In this video, I talk about everything above and give you some advice on what not to do, and most importantly, what to do.
Spotify: https://open.spotify.com/show/624XIhn
YouTube: https://www.youtube.com/channel/UCpvujpE0yjPzxzILTSzeRug
Apple Podcasts: https://podcasts.apple.com/us/podcast/mike-check-1-2-1-2/id1608028798
Disclaimer: These articles discuss strategies, concepts, illustrations & more. Personal details need to be obtained and a thorough review of all concepts before implementing any of them. Please consult the appropriate professional(s) including but not limited to insurance, tax and estate planning before making any final decisions. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before implementing any transaction.
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By Michael DutraYour net worth is simple to calculate. It's your assets - liabilities = net worth.
Your estate worth, factors in the taxes owed in your estate from these assets when you pass away and transfer these assets down to your children and grandchildren.
Your estate worth can be significantly less than your net worth because of these taxes.
There's 3 things you need to know:
1) Which of your assets will be taxed when you pass away
2) How much the tax bill will be
3) Most importantly, how are you going to pay these taxes in a cost-effective manner.
There are some very ineffective ways to pay for these taxes and some very effective ways to pay. In this video, I talk about everything above and give you some advice on what not to do, and most importantly, what to do.
Spotify: https://open.spotify.com/show/624XIhn
YouTube: https://www.youtube.com/channel/UCpvujpE0yjPzxzILTSzeRug
Apple Podcasts: https://podcasts.apple.com/us/podcast/mike-check-1-2-1-2/id1608028798
Disclaimer: These articles discuss strategies, concepts, illustrations & more. Personal details need to be obtained and a thorough review of all concepts before implementing any of them. Please consult the appropriate professional(s) including but not limited to insurance, tax and estate planning before making any final decisions. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before implementing any transaction.