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To: SumProVita
Regarding the death tax ...there must be some way around this by giving property title to children before death....or selling it to them ahead of time. I wish the lawyer Freepers would comment on this.

There is. It's called a trust. Basically a private legal partnership that owns all the assets and survives the death of any (or even all) of its members. Transfer your assets to a trust, become a director of the trust who receives a monthly salary from the proceeds of the trust (the trust can turn a profit, after all), and you can at least avoid the estate tax.

For now. Who knows what will happen in the future...

5 posted on 07/24/2010 5:18:00 AM PDT by PugetSoundSoldier (Indignation over the Sting of Truth is the defense of the indefensible)
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To: PugetSoundSoldier

You can avoid probate but I don’t think you can avoid estate taxes with a trust. The estate tax is completely unfair. You pay the taxman 30%+ every year and when you die they want another 55% on the inflated value. Why work hard? When my Dad bought land for $100/acre a quarter section would buy approximately 3 Corvettes. When land moved to $800/acre you could still only buy 3 Corvettes. In other words the purchasing power stayed the same. This is why the estate should at least be indexed for inflation. The estate tax is going to finish off a lot of farmers by forcing them to sell land to pay estate taxes.


10 posted on 07/24/2010 6:33:03 AM PDT by clodkicker
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