5 WAYS TO MAXIMIZE YOUR ESTATE THIS INDEPENDENCE DAY
Independence Day is here. What will you do to make the most of your freedom and American estate this year?
While we are warming up the BBQ grills, breaking out the flags, and making sure we’ll have a great view for the fireworks on the 4th of July, it’s worth taking a few minutes to think on what this holiday is really about, and how we can build more independence into our lives, and future estates.
Here are five things we can do this holiday week as we enjoy our freedom and the great place we get to live in…
1. Invest in Property
The great American dream isn’t just about buying and mortgaging a grand luxury home. It’s about the freedom to own our own estates, and invest in real estate. Beyond our residences that includes income producing property which can provide ongoing passive income for retirement, and even for the next generation. It’s a freedom we should definitely be flexing more often.
2. Reduce Taxes
The original battle for independence was a lot about protesting high taxes. Obviously, we are now being hit with a myriad of additional taxes, and 10 to 20 times more in taxes out of our incomes than back in the 1700s. Fortunately, we can find ways to generate income and invest for gain, while deferring or even eliminating some of these taxes. 1031 exchanges and self-directed retirement account investing are great ways to achieve this.
3. Update Your Will
For many, the freedom to earn, invest, and prosper is not just about personal gain. It is also about building an estate which can last for generations. Of course, that is only going to be successful, if there is a solid succession plan in place, with the right legal framework, well in advance. It might be worth taking another look at your will this weekend and seeing where you may need to make some updates.
4. Talk to an Expert about Trusts
Trusts can take on some of the functions of wills, while providing some potential tax benefits as well. They can also go further in helping to prepare for illness and injury, and protecting an estate during these times. If you don’t have one, or haven’t talked to a pro recently to get up to date on the latest options, make that a priority.
5. Make Memories
Some of the greatest wealth we can accumulate and give is not things at all. It’s not even family heirlooms. It is memories. So, have fun with your 4th of July celebrations this year. Make the time to make great memories, and document them too.