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making a will
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<blockquote data-quote="Arnold Ziffle" data-source="post: 179412" data-attributes="member: 43"><p>Many good thoughts in that post Bez. And as Norris posted, many wealthy folks (not only cattlemen) are very reluctant to give up control of assets, yet they gripe about estate taxes. I'm sure not in favor of the estate tax, but if it is the law of the land folks need to bite the bullet and try to plan around it. And this is one of those areas where a lot of folks are penny wise and pound foolish. Sometimes they simply need to pay professional fees for qualified professional services in order to do the proper tax planning involving gifting, family ltd. partnerships, trusts, etc. I am frequently bewildered by very wealthy clients and acquaintances that will not take advantage of the $11,000 per year gift exemption, or that don't even want to consider using their transfer tax exemption during their lifetime so that the future appreciation on the chosen assets is removed from their taxable estate.</p><p></p><p>In the USA the use of certain joint tenancy accounts can work the same way as they apparently do in Canada per frenchie's example, and the use of such accounts (at least in the USA) can be good or bad, depending on many factors. For example, many folks set up joint accounts between a parent and a child, or sometimes with a sibling or trusted friend, without realizing that ownership of the assets in question can pass to the surviving tenant upon death of the original asset owner. With many of those joint tenancies the assets pass automatically, "outside" the will, and are not considered to be a part of the probate estate. Sometimes a parent provides for the disposition of the assets in a certain way in his or her will (for example evenly among all the children); but those will provisions often are nevertheless ignored by operation of law because of the joint tenancy rules, and the assets will in fact only go to the surviving named tenant. Many a fierce family squabble has resulted from situations such as that.</p></blockquote><p></p>
[QUOTE="Arnold Ziffle, post: 179412, member: 43"] Many good thoughts in that post Bez. And as Norris posted, many wealthy folks (not only cattlemen) are very reluctant to give up control of assets, yet they gripe about estate taxes. I'm sure not in favor of the estate tax, but if it is the law of the land folks need to bite the bullet and try to plan around it. And this is one of those areas where a lot of folks are penny wise and pound foolish. Sometimes they simply need to pay professional fees for qualified professional services in order to do the proper tax planning involving gifting, family ltd. partnerships, trusts, etc. I am frequently bewildered by very wealthy clients and acquaintances that will not take advantage of the $11,000 per year gift exemption, or that don't even want to consider using their transfer tax exemption during their lifetime so that the future appreciation on the chosen assets is removed from their taxable estate. In the USA the use of certain joint tenancy accounts can work the same way as they apparently do in Canada per frenchie's example, and the use of such accounts (at least in the USA) can be good or bad, depending on many factors. For example, many folks set up joint accounts between a parent and a child, or sometimes with a sibling or trusted friend, without realizing that ownership of the assets in question can pass to the surviving tenant upon death of the original asset owner. With many of those joint tenancies the assets pass automatically, "outside" the will, and are not considered to be a part of the probate estate. Sometimes a parent provides for the disposition of the assets in a certain way in his or her will (for example evenly among all the children); but those will provisions often are nevertheless ignored by operation of law because of the joint tenancy rules, and the assets will in fact only go to the surviving named tenant. Many a fierce family squabble has resulted from situations such as that. [/QUOTE]
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