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Many estate-planning tools can be used to transfer your business, but selecting the right one will depend, in part, on whether you plan to retire and let someone else run it for you, sell it, give it away, or keep running the business until you die.
→ Read MoreEstate tax is applied to any estate worth more than a set annual amount. One way to avoid excessive estate taxes is through an irrevocable trust. Wealth placed into an irrevocable trust is not considered part of the deceased person’s estate. In other words, money placed into an irrevocable trust will not be taxed upon death.
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