You don’t pay taxes, but you get NO American government help. At all. Ever.
Problem solved?
Yes I have paid taxes and it’s HUGE!
Al S raises a good point…
Kinda hard to implement, eh?
You don’t pay taxes, but you get NO American government help. At all. Ever.
Problem solved?
Yes I have paid taxes and it’s HUGE!
Al S raises a good point…
Kinda hard to implement, eh?
I will receive an inheritance from my parents and want to establish irrevocable trusts for my children with that money.
I would like to assign my interest in some of the estate assets to an irrevocable trust to avoid gift tax in creating these trust after I receive the money. ( I would direct some of the money to go directly into the trust rather than taking possession of it)
The question is may I do this without incurring gift/income tax? The theory is that if I simply assign an interest to the trust and the executor of the estate then writes the check to the trust that I will never have received the money and cannot be taxed via gift tax like I presumably would if I received the inheritance and then transferred the money to trust.
I am aware of the various estate and gift tax credits and am not concerned with these, so we may presume they are inapplicable. All I want to know is if directing the post estate tax assets to go to trust will avoid a gift/transfer tax since these are post tax monies? I presume If I took the money and then transfered to trust the transfer would be taxable against me.
I’m also not interested in advice to seek an attorney’s opinion. I’m aware this is a good idea, but I’m asking ya’ll, and I can’t afford an attorney at the moment.
Daniel N. Erasmus interviews Terry Scott from EFGS Attorneys about Chapter Two of “Managing 7 Habitual Tax Mistakes: A Tax Risk Management Handbook.”
The book is available at http://www.taxriskm…
Daniel N. Erasmus interviews Terry Scott from EFGS Attorneys about Chapter Two of “Managing 7 Habitual Tax Mistakes: A Tax Risk Management Handbook.”
The book is available at http://www.taxriskm…