Once your Revocable Living Trust is created, title to many of your assets should be transferred to it. You should transfer your bank accounts, certificates of deposit, investments, among others into the Revocable Living Trust. When this process is complete, you, as an individual no longer own the transferred property, your Revocable Living Trust will

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The Benefits of Gifting The obvious manner to minimize estate taxation is simply to reduce the size of your estate. It is also permissible by the Internal Revenue Service for couples to “split” gifts to a third party; this is accomplished by having the spouse “join” in the gift. Also, remember each person has a

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Joint Ownership: When is it Appropriate?? Many people own real estate or bank accounts with another person, often a spouse, adult child, other relative, or trusted friend. Some individuals “add the name” of another person to their bank account for convenience, such as having bills paid and refunds received. Others use joint tenancy as a

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Many estate plans provide for the creations of trusts after death for the benefit of a surviving spouse, children or charity. This article discusses some of the issues that arise when funding these “testamentary trusts,” whether created under a will or a revocable trust. Funding a testamentary trust requires the transfer of assets into a

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FEDERAL ESTATE TAXATION: The present Estate Tax Exemption Amount is increased to $5,430,000; this exemption amount may be reduced by certain lifetime gifts. The calculation of the taxable assets includes life insurance unless same has been transferred to a trust. The Federal Estate tax rate is also forty per cent (40%). The present law permits the surviving

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Senate bill S2899 has been introduced by Senator Bernie Sanders (I-Vt.) that would establish the federal estate tax rate to be 40% on all estates worth $3,500,000 but less than $10,000,000, and 50% on all estates in excess of $10,000,000 but less than $50,000,000. Thereafter the estate tax rate would be 55% on estates in

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