Things to do before considering inheritance tax saving measures [From a perspective other than tax law]

The main inheritance tax saving measures include

• donating assets while you are still alive
• taking out life insurance
• purchasing real estate

etc.

These are measures that can be taken to save on tax when considering the rules of inheritance tax law.

This time, I will write about it from a different perspective to tax law, as something to do before thinking about inheritance tax saving measures.

Use your wealth to do what you want and create irreplaceable memories

Inheritance tax is levied on the portion of assets that exceeds a certain tax-free limit at the time of death.

In other words, if there is no asset that exceeds the standard at that time, there is no tax.

So before considering tax savings under tax law, let’s talk about reducing assets and spending money while you are alive.

Many people are interested in earning and saving money, and the world is full of various information.

One reason for this is probably a vague anxiety about the future.

For that reason, there is not much information encouraging people to spend money for the future.

Leaving assets for the surviving heirs is one way of thinking, but it is also important to remember to enjoy your own life more than that.
(We only live once.)

Your heirs have their own lives, and you have your own life.

I’m sure there is certainly a sense of hesitation about spending money on yourself, but just as there is regret about spending money, there is also regret about not spending it.
(It seems that many people wish they had done as many of the things they wanted to do before they died. I feel the same way.)

For example, money spent on the experience of traveling while you are alive becomes an asset as an irreplaceable memory for you.

And that asset is not taxed under tax law.

It can be thought of as a tax-saving measure that converts money (taxable asset) into memories (tax-exempt asset).
(In fact, it is quite possible that the value of those memories would exceed the value of the money spent.)

Conclusion

This time, I have written about things to do before thinking about ways to save on inheritance tax, taking a different approach from tax law.

Money is there to be spent.

Even if you think about possible future concerns and take measures, there is no telling what will happen after that.
(The future is uncertain.)

Even if you leave behind assets, there is no guarantee that their value will be guaranteed forever.

I think it is important to spend money on what you want to do, while being careful not to spend too much.

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都築太郎税理士事務所/Tsuzuki Taro Tax Accountant Office

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