Re: Estate Taxes


"Jerry Okamura" <okamuraj005@xxxxxxxxxxxxx> wrote in message
news:lawtg.27641$uy3.19926@xxxxxxxxxxxxxxxxxxxxxxx

"Nixon, D." <nixon.d@xxxxxxxxxxx> wrote in message
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"Jerry Okamura" <okamuraj005@xxxxxxxxxxxxx> wrote in message
news:glhtg.14352$MF6.8860@xxxxxxxxxxxxxxxxxxxxxxx
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 wrong?
=====================================================

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

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

You seem to be a bit confused and uncertain about this entire business of
estate and gift taxes. They are not the same by any means. You would be
well advised to consult studiously with a good Estate-Planning attorney; one
that is VERY knowledgeable with the laws of YOUR State. Your spouse needs
to be with you at all times during this consultation and in the planning.

Don't pay any attention to anything you are told on this newsgroup.


Good luck to you, Jerry. It is a difficult, emotional, and expensive,
task to do Estate Planning
fully, in detail, to gain the results that you, and your spouse, want.
And, here's the bad news------------------ You'll need to review, revise,
possibly totally redo your plan more than once, possibly several times,
before you depart for that big pool room up in the sky where the table time
is free !!!
<chuckle>

McDave
===============================================






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