Re: Estate Taxes


"Nixon, D." <nixon.d@xxxxxxxxxxx> wrote in message
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"Jerry Okamura" <okamuraj005@xxxxxxxxxxxxx> wrote in message
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"Nixon, D." <nixon.d@xxxxxxxxxxx> wrote in message
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"Jerry Okamura" <okamuraj005@xxxxxxxxxxxxx> wrote in message
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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.

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.


.

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