A good way to help explain an overview of taxes is to look at the five fingers of your hand. There is an “Income Tax” when you earn the money. There is a “Sales Tax” when you purchase an item. There is a “Property Tax” when you purchase some things and hold it. There is a “Capital Gains Tax” when you hold it and sell it more than a year later. The last and the biggest tax is the “Gift & Estate Tax” which is a tax when the assets are transferred from you to the next generation.
Use well qualified professionals to help you limit or avoid these taxes, many of which are avoidable.
At the Law Firm of Steven Andrew Jackson, Attorney and Counsellor at Law, we have helped hundreds of families protect themselves and their loved ones, avoid Estate Taxes and Probate Costs, and keep their Estate Plans current with the law through The Customized Protective Estate Planning Solution™.