Give an income-producing property to a charity. Take a full deduction now for the income the charity will receive in the future. After 10 years, get your property back. The law provides a special tax break for owners of closely held businesses. Few accountants and lawyers know about it.
Probate is costly and time-consuming.
But there are times when you shouldn't avoid it. If you make this mistake in your will, you could lose your marital deduction and incur taxes. Sounds simple and attractive but could cost a bundle in taxes. Use this work sheet to figure out what it will take. Employing your children in the business can be a smart move.