You May Plan To Save Income Tax For Your Successors
One
should not be that selfish so as to think of saving income-tax during the tenure
of one’s own life but when we talk of holistic tax planning, then surely we
should so plan our tax matters that even when we cease to exist, our successors
to the estate are able to save income tax in the years ahead.
Well, the simple
technique of planning of income tax saving for our successors is to plan the
division of our estate amongst different family units of our successors. This
single view if implemented into reality would mean income tax saving for the
future successors to your estate. To implement this theme what is required is a
proper drafting of the Will and proper distribution of your assets not
exclusively in the name of a single successor of yours but in the name of
different family entities of the successor which would result into distribution
of assets under more than on head which would thus result into saving income
tax in the family of your successor.
