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Lessons in Tax Reduction from an Eccentric Artist
Some 30 years ago, Ettore “Ted” DiGrazia, an artist living in the desert southwest, rode his horse up into the Superstition Mountains, where he burned more than $1 million of his paintings. Why? Because Mr. DiGrazia had learned they would be subject to federal estate tax upon his death (he was a well-known tax protester, as well as a famous painter of the American West).
Had he given some thought to the matter, DiGrazia might have found it better to bequeath the paintings to a museum, university or other charitable institution. The entire value of those paintings would have passed tax free, thanks to the estate tax charitable deduction – and the world would still be enjoying all of his artworks.
You may not be a famous painter, but you may well possess items that would be best left to charity. Examples include U.S. savings bonds and retirement accounts, such as IRAs. These “tax-burdened” assets will generally create income tax liability for your estate or heirs, and possibly state or federal “death taxes” as well. We’d be pleased to provide full details on making tax-wise bequests for our future.
Copyright © by R&R Newkirk. All rights reserved.
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