Question

James is the sole proprietor of a ship building organization. as he reaches the end of his days and considers his sizable legacy, his mind touches upon things that he wishes to pass on to his children after his death. in order to attain the best tax advantage, what will his lawyer most likely advise him to do?

Answer 1

The best tax advantage would be to put the money into a trust. A trust allows the money to be passed onto a beneficiary without going through probate. Furthermore, a revocable trust allows the beneficiary to take out money at any time.