HOW TO AVOID PAYING THE INHERITANCE TAX
There once lived a wealthy old man who was organizing his affairs in advance of meeting his maker.
His wife had died several years ago… and… the only child they had, a daughter, recently fell in love and got married.
Now daddy loved his little girl. So naturally, he wanted his wealth to be passed onto her and his son-in-law when he died.
The only problem was, there exists this retched thing called Inheritance Tax... which... in the state he lived in... was a whopping 40%.
Now 40% of this man’s wealth was a LOT of money. It was so much, in fact, that he didn’t want to pay it.
So you know what he did?
He hired a team of lawyers to find a loophole that would allow him to avoid paying Uncle Sam that whopping bill.
But his lawyers told him all they could do was lower the bill… a little… but there was no way he could avoid it.
He was told he’d just have to come to terms with the fact that he’d have to pay a great portion of his wealth in tax.
After hearing the news, this man did what a lot of smart and successful people would do in his shoes.
He went home… poured himself a stiff drink… sat in silence… and pondered deeply about his predicament.
Several days later, he called his lawyer and asked, “do you have a library of law books at your offices?”
“Of course we do,” said his lawyer.
“Do you mind if I come over and use it,” the man asked.
“I don’t see why not, you’re welcome any time,” said his lawyer.
Turned out, every day for several months, this man spent three to four hours reading through law books in that library.
Eventually, news broke that his daughter was pregnant. So he decided to throw a party for her… her husband… and… the "bun" in the oven.
He invited everybody he knew — friends, family, co-workers, employees, you name it!
As the night was coming to a close, he decided to give a speech. So he gathered the herd in the dining hall and begin to speak.
He talked about how much he loved his little girl. How proud he was of her. How he missed his wife every waking moment of his day — and how proud she would have been to see her daughter grow into the beautiful woman she is today… and… the mother she’s about to become.
It was a lovely, touching speech that would have brought a tear to many an audience members’s eye… if… it were not for the swift transition he made to talking about his son-in-law.
To the shock and horror of everybody in the room, the man went after his new son-in-law like a heat-seeking missile.
With microphone in hand, and the rapt attention of his audience, the man called his son-in-law a liar, a cheater, and a thief… who was also a criminal, a thug, and all-round low-life piece of pond scum.
By the time this man finished his tirade, you could have heard a mouse fart in the room — it was deathly quiet!
The night was obviously RUINED and people poured out the doors and into their cars and left as fast as they could.
Not long thereafter, his son-in-law sued him. For what? For false accusations and defamation of character.
In court, the old man put up no defense.
He explained to the judge that he stood by his beliefs 100% — even though he didn’t have a lick of evidence in support of his claims.
His son-in-law sued him for every penny he had — and won the case!
Within weeks, the man’s entire wealth was moved out of his hands… and… into the hands of his daughter and son-in-law… … and not a penny was paid in tax!
What's the moral of this story?
Nothing is impossible for the person who REFUSES to listen to reason.
This is how Trump thinks. This is how you should think.
Dividend paying whole life policies. You keep the deposits under a certain amount each year avoiding becoming a modified endowment trust and it is tax free withdrawals. Oversimplified.
Yup! Used to sell a TON of WL. Bunch of Term for cheap then convert to whole continually over time as you can afford.