There are many questions you can ask yourself or your planner to find out if your tax mitigation strategy is in proper order. First of all you must understand that tax mitigation is not tax avoidance.
Tax avoidance or tax evasion is illegal. You must pay your dues taxes according to the IRS Tax Code. The law requires all citizens in all countries to be tax compliant.
Having said that, we are here to tell you the IRS does grant tax mitigation strategies to citizens. We can also inform you that different jurisdictions, just like different states have differing or varying requirements on the citizens for taxation requirement.
Here are some questions you can ask yourself.
- Have you had an analysis on your IRA? Is it a Roth or Traditional? Do you understand the difference and the security of each? Are you making my desired amount of income?
- Have you examined your Annuities? Are they making your desired amount of income?
- Have you examined your estate plan for current laws and changes in taxation?
- Do you have enough insurance and the right types of insurance? Have you evaluated your Life Insurance poliies? Have you consideredPrivate Placement Life or Captive Insurance?
- Do you have a Self Directed 401k if you own a company?
- Does all of your estate avoid probate?
- Is your Succession Plan properly implemented and titled?
A very good way to determine if you are tax compliant and confiem that you are saving as much money as you can for your estate or business is to have a consultaion with an expert who is familiar with your citizenship, estate and/or business structure.
