How to leave millions for your children ?

If you are a Billionaire, the answer to this question is easy. Simply burn a huge amount of money and give large charities, you will be able to leave millions for your children, instead of Billions.

If you are a more than a few million dollars millionaire, the question is tricky. There are federal inheritance taxes and the government will charge your children those taxes. If the assets are real estate holdings, your children may have to do a fire sale of those assets to pay the taxes.

If you are not a millionaire and still want to leave millions for your children, the solution is actually not that difficult. Simply take a non-term life insurance or the insurance for life.  Many Americans pay high premiums but take such policies. The amount their children get is also tax-free. An example is a 45 years old healthy couple taking a 1 million dollar policy for close to a thousand dollars per month. The premium is high, but you are assuring your children will get at least 1 million dollars as an inheritance.

Sanjeev Sharma

Consultant and Author of '5 Core Methods of Innovation'

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