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Do you have a liquidity plan?
$225.00
Description
Abstract: A liquidity plan is an essential component of an effective estate plan, particularly if a substantial amount of wealth is tied up in a closely held business, real estate or other illiquid assets. It won’t be possible to achieve estate planning goals without liquidity to pay estate taxes and other expenses. An irrevocable life insurance trust (ILIT) or buy-sell agreement are options; if these do not provide enough cash, borrowing from a bank or receiving an extension from the IRS may be alternatives. A sidebar to this article discusses Internal Revenue Code Section 6166, which allows an executor to defer estate taxes associated with a qualifying closely held business.
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