Betting on a SCIN — This tool may help you transfer assets at little or no tax cost
Estate planning can be a gamble. Tax and estate tax laws change. Family members pass away before their time. But a gamble that can pay off in certain circumstances is the self-canceling installment note — or SCIN. It may allow a person to transfer a business or other assets to family members at little or no tax cost. This article discusses how a SCIN works and how, if it pays off, a family will reap a bounty in the form of income, gift and estate tax savings. But, the article cautions, there’s no guarantee that it will pay off.