Most people have heard it said that nothing is certain except for death and taxes. However, most people probably don’t realize how literal this statement is.
For example, if you have a large estate when you pass away, the value of your estate above an exemption amount is subject to an estate tax. This means some people can’t even avoid taxes by dying.
While many realize that state and federal taxes take a large bite out of their paychecks, most people don’t realize that there are taxes for more than just the money you earn.
An important part of accumulating assets is to plan and strategize to minimize the effect of those taxes on your financial goals.