Although you may have spent years building up a successful enterprise, your family may be forced to sell it soon after your death to pay the federal estate-tax bill. The full amount of estate tax is due nine months after an individual’s death. Fortunately, there is some tax relief for a family that inherits a small business.
Despite its off-putting name, a “Crummey trust” can provide favorable results for individuals who have a significant amount of assets. This device might be incorporated into a comprehensive estate plan.