Tag Archives: LOM Financial

Are there legal ways to protect your inheritance from taxes?

Image source: telegraph.co.uk
Image source: telegraph.co.uk

Understanding what an inheritance tax is can help you plan and properly manage your wealth. In definition, this particular ‘death tax’ is slightly different from a state tax since the former are obligations paid by heirs, not by the deceased’s estate.

As of 2016, there are only six states in the U.S. that collect inheritance taxes. Two of them, New Jersey and Maryland, are legally mandated to collect estate taxes as well.  However, the rates imposed on these inheritance taxes will always depend on the relationship between the heir and the deceased—and this information is useful when handling your assets.

If the inheritance will come from parents or even from other family members, setting up a trust to manage your assets is a wise and practical way to get started. A trust will enable the beneficiaries to avoid state probate requirements and related expenses that go with them.

However, choosing between a revocable trust and its irrevocable counterpart can be tricky. Opting for the former means grantors can easily take the assets out if needed, while the latter ties up the specific assets until the death of the grantor.

It’s also important to consider can alternate valuation date. There are instances in which an executor may choose a specific valuation period, six months after the date of the grantor’s death. However, this option’s availability depends on one factor: if the change in valuation can decrease not only the gross amount of the estate but also its state tax liability.

If you’re a grantor, properly and legally managing your inheritance without being burdened by taxes can be really challenging but there’s another option that will not only reduce the size of your taxable asset, it can also provide instant benefits to your loved ones: gifting.

Robots may takeover but these industries will never go obsolete

Technology is evolving fast and while its initial objective was to help humanity live a better and more convenient life, its unprecedented boom in several industries has contributed to a whole new and impressive ways of providing products and offering services, raising a very important question: will technology change the way we do work and will it finally replace human labor?

 

To acknowledge the role of technology is shaping the labor industry is no longer a product of fiction. In fact, some have predicted that many jobs in several industries will become obsolete in the future while others, will continue to develop and prosper. So which industries will never go obsolete? Here are some of them:

 

Food production

Image source: rubios.com
Image source: rubios.com

The diverse nature of the food industry is what secures it from becoming obsolete. Instead, it will evolve and grow with technology, helping with production, processing, packaging, preservation, and agriculture, etc. Experts have predicted that the long-term demand for food and its sectors will be strong and stay intact unless humans can finally think of a substitute source of sustenance, energy and nutrition.

 

Medicine and healthcare

Image source: petersonhealthcare.org
Image source: petersonhealthcare.org

Humans are constantly exposed to numerous health risks, which means that developing new medicines and equipment to treat various conditions will never cease. Players in this industry are in constant search for the best solutions to increase life expectancy and keep everyone healthy. As such, the medical field has been one of the strongest and most resilient of all industries.

 

Specialized services

Image source: LOM Financial
Image source: LOM Financial

Services requiring the specialty of professional workers are here to stay. No matter how advanced robots may become, it can never replace labor that requires skills, creativity, and human touch such as management consulting, financial services, legal matters, engineering, information technology, architecture, and design.

 

Entertainment and media

Image source: nyfa.edu
Image source: nyfa.edu

Music, television, games, publishing, advertisement, motion pictures, and everything that the industry has to offer will grow in demand and secure its place in the high-tech future. The demand for these products and services currently delivers huge revenues to many countries around the world and it will continue to do so – thanks to both human talent and technology, the entertainment and media industry will endure to create, innovate, and become more diverse in the years to come.