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As Benjamin Franklin once said, “In this world nothing can be said to be certain, except death and taxes.” Taxes come in a wide variety of flavors (e.g., income taxes, property taxes, sales taxes, and gift taxes). But, perhaps one of the most misunderstood taxes is colloquially called the “death tax” – more appropriately called the “Estate Tax.” Critics call out the inherent unfairness of a tax that appears to tax assets that have already been taxed at least once...
Financially successful individuals often contemplate the highest and best use of their assets. In some cases, those same individuals have decided that the natural objects of their bounty (i.e. the children) already have enough resources or that mom and pop have otherwise adequately provided for their children. Alternatively, some of the successful individuals have no apparent heirs to inherit the assets. If these same successful individuals are charitably-minded, the private foundation is an excellent option to fulfill the individual’s objective....
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