Burr-Law - Estate Planning Lead Magnet - Flipbook - Page 7
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Minimizing Estate and Inheritance Taxes
Federal Estate Tax
Understand the current federal estate tax exemption
and how it applies to your estate. Utilize strategies
such as lifetime gifting, trusts, and charitable giving to
minimize potential estate tax liability.
State Inheritance and Estate Taxes
Colorado does not have inheritance or estate taxes. If
you also own property in other states, consult a tax
professional to understand those laws and develop a
strategy to minimize these taxes.
Gifting Strategies
Lifetime gifting can reduce your taxable estate and
provide financial support to your loved ones.
Understand the annual gift tax exclusion and how it
applies to your gifting strategy.
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Business Succession Planning
Buy-Sell Agreements
A buy-sell agreement outlines how
ownership interests will be transferred
upon the death, disability, or retirement of
an owner, ensuring the continuity of the
business.
Family Limited Partnerships
A family limited partnership (FLP) allows you
to transfer business interests to family
members while maintaining control of the
business.
Key Employee Insurance
Key employee insurance protects the business
from the financial loss incurred if a key
employee dies or becomes disabled.
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