After accumulating many assets over the years, you want a way to pass them on to your beneficiaries and do it as cost-effectively as possible. Many cost-effective strategies are available to pass an estate and assets to your loved ones.
Establish a Trust
One of the best ways to do it, which is expensive, is to create a trust. Trusts can pass your assets along tax-free, keep the details and names involved private, as well as ensure that your assets go to the designated people. They are considerably more secure than using a will. Many rich people use trusts to avoid taxes.A potential problem with creating a trust is that there are two kinds. The first is called a revocable trust. It enables you to retain possession of your assets while alive, but a potential problem occurs if you die with them still in this trust. In this case, the assets go to the estate after your death and then are subject to taxes. A pour-over will puts your remaining assets into the trust at your death—avoiding taxes.
