While trusts are not subject to probate, are they figured into the total estate’s taxable assets?
by admin ~ July 5th, 2006 . Filed under: United States .
churlish_imp asked:
A reference would be appreciated. You can’t tell my father anything !
Arthur Cunningham
A reference would be appreciated. You can’t tell my father anything !
Arthur Cunningham
July 6th, 2006 at 2:37 am
Yes. Yes. Yes.
The biggest myth of estate planning is that avoiding probate somehow avoids estate taxes. It does not. All gifts made during your lifetime and at death are all lumped together and taxed at the same rate.
Now, the estate and gift tax is very high - well into the millions - so there may be very little tax consequence to any type of giving.