TexasBred
Well-known member
Limomike":2yoq5dcc said:Jo, You are absolutely right about that. The exemption needs to be raised instead of it falling back to the $1 million. At least keep it at the $3 million or raise it higher. Gotta get those congressmen to work for us to do it though.. :bang:
As far as a trust goes.. you would still have to pay the inheritance tax. Only way to "avoid" it is to have it in YOUR name before the death of your relatives.. Not sure about what a joint ownership would do though.
There use to be a time factor involved in that as well in order to avoid the "contemplation of death" clause. Seems like you had to live 5 years after deeding it to your children otherwise IRS could rule it was "contemplation of death" and an attempt to avoid taxes and collect anyway.