Estate Taxes

It seems to me that both parties are hyping the story about Estate Taxes. I
would think that any person with a whole lot of assets can avoid the estate
tax simply by putting all or most of it into an irrevocable trust.... Am I

Nixon, D....

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Yes, you are wrong.
There is really no way to avoid the Estate Tax. Multiple gifts of 12K, or

Jerry Okamura...

But my lawyers told me that an irrevocable trust is not classified as a
"gift", for gift tax purposes..

less, will help.

McDave
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Jerry Okamura...

We both had the consul of one of the best estate attorneys on the island, at
least that is what the person who made the recommendation told us. At the
time, I distinctly asked people I wanted not only someone who understood
estate law very well, but was also a Certified Public Accountant, which the
guy we spoke to said he was.

wrong?

Ron Peterson...

If your estate is going to your spouse, there isn't any estate tax.

There might be ways to postpone the tax by setting up a private
corporation.

Jerry Okamura...

The whole reason my wife and I set up this irrevocable trust, where our
children will be the recipents, was because our lawyers said that they would
not have to pay either a gift or estate tax..... At least that is the way I
recall the reason for doing that....