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Using College Money to Save Estate Taxes

South Carolina Business Review logo

  The estate tax, referred to in the political arena recently as the “death tax”, is, like most taxes, something that people like to avoid or reduce as much as possible.  Our next guest says that can be done with a little known trick using college savings plans.

Mike Switzer interviews Chris Cabri, a certified financial planner with Ameriprise Financial Services in Greenwood, SC.

After almost 20 years, Mike Switzer retired from Wells Fargo Securities in 2001 as Senior Vice President/Investment Officer and Certified Portfolio Manager. In 1999, he and his wife, Maggie, purchased and operated for eight years the Baskin Robbins ice cream store on Forest Drive in Columbia. They grew the store from a bottom-tier operation in the Baskin Robbins franchise system to one in the top 5% nationwide within three years, tripling sales along the way. While operating the ice cream store, Mike and Maggie received patents for a portable ice cream sink and fold-down sneezeguard they invented and in 2002 started Magnolia Carts, an ice cream cart manufacturing company, which they sold in 2013.