solution from my own financial advisor was to establish a "Living Will" and
appoint a conservator ( Me) while still living.
Provided in that document was the transfer of all the assets of the estate
without going through probate, prior to death with the provision that while
alive I retain full control. In this way I no longer "own" the assets, for tax
purposes and all that is done at death is to pass control to the second
administrator. The second administrator does not even have to know of their
appointment until the "Open in the event of death." envelope is opened which
contains the signed document assigning the title. They have the power to then
liquidate and distribute the assets according to the living will, thus avoiding
estate and probate costs.
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----- Original Message -----
From: "Deanna Schneider" <[EMAIL PROTECTED]>
To: "CF-Community" <[EMAIL PROTECTED]>
Sent: Wednesday, January 21, 2004 7:21 AM
Subject: Re: dumb question about the estate tax
: Hm. I think it's an extra tax. I've heard the advice that if you're elderly
: and don't need your money that you should gift 10,000 bucks a year (which
: you can do tax free to the receiver) while still alive to avoid estate
: taxes.
:
: -d
:
: ----- Original Message -----
: From: "Raymond Camden" <[EMAIL PROTECTED]>
: To: "CF-Community" <[EMAIL PROTECTED]>
: Sent: Tuesday, January 20, 2004 8:45 PM
: Subject: dumb question about the estate tax
:
:
: > Question - is the estate tax an extra tax or simply the same tax that you
: > pay on earned income? In other words, if I give my friend a thousand
: > dollars, I expect he will have to pay some of that as taxes at the end of
: > the year. If I die and leave him money, is he paying the 'normal' earned
: > income tax or an extra ammount because of estate taxes?
: >
: >
: >
:
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