Estate Planning
January 7th 2008 09:28 pm
One way of minimizing estate taxes is to use the gift tax. Gifts of up to $12,000 per year do not generate any taxes. Note that estate taxes do not come into play unless you have assets greater than $1,250,000
Reasons for a revocable living trust
A revocable living trust can provide three benefits.
- It provides financial protection in case you can no longer manage your affairs (such as if you were in a coma).
- The trust can function as a will, bypassing probate.
- It can be linked to a pour-over will to provide privacy in the distribution of your estate