Hey Trumpsters.........tell us about the estate tax........

[jasson621]

Once again just for the record....my mom had me at 17yrs old ......I'm 47 so she's only 64 with both her parents (my grandparents) still alive in their 90's.......I doubt I'll ever see any inheritance ......she lives right and me not so much......maybe my son will throw a bash your way, he has a better chance of seeing any money

 

Back peddlin' mfker throw that party!

[roachman]

Fk the estate tax, it is double taxation.  My mom had to get a life insurance policy to cover inhertiance tax becuase she is money poor and land rich, policy is over 200k year.  CPA said it was cheaper to pay the insurance premiuns than paying govt tax.

[rito]

There are two numbers. One is annual gifting max, and one lifetime max...annual gifts do not go against the lifetime max as long as you do not excede annual amount (approx 14k per person) Lifetime max is the 5 million total. It is not doubled for a couple. You can give a husband and wife each the annual amount of 14k, but you do not get to double the lifetime max to 10 million.

 

If you have over 5 million to pass on, one should start annual giving early 14k (or 28k per couple) til you get down to the 5 mill mark.

 

yes you can structure your estate if married to get the 5m exempt for each person.  my father has done this

[IAG]

yes you can structure your estate if married to get the 5m exempt for each person. my father has done this

Yes each individual can GIVE 5 million...but one person can't give a tax exempt 5 million to a husband and 5 million to a wife. That's what I was saying, looking at it from Teddy's statement pov...