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Gene Agatep (Gagatep)
New member
Username: Gagatep

Post Number: 18
Registered: 8-2002
Posted on Friday, September 13, 2002 - 4:16 pm:   

Tim,
TY for some insights...
I had a feeling the living trust may not be
enough. I am interested in following up with
your reference. Please private e-mail me his
contact info.
again, Thanks,
Gene
Tim Gendreau (Tim)
Junior Member
Username: Tim

Post Number: 178
Registered: 3-2002
Posted on Friday, September 13, 2002 - 4:03 pm:   

Gene:

I believe even with a company you will have taxes. I use a living trust, irevocable trust, an irevocable life ins. trust (ILIT)and a charitable family trust (CFLP).

the ILIT pays estate taxes upon death of second parent and everything thens moves, essentially tax free to the children.

The CFLP is complicated, and if not done correctly can get you in big trouble, but when executed properly will help you avoid a substantial amount of tax. I dont believe anyone would want the expense, accounting, legal, etc. of a CFLP unless you have in excess of $700K a year income as a minimum! if you are interested let me know and I will give you a number for the best guy there is on this stuff and reasonable - I will also give you more details.

David Albright (Dalbright)
Member
Username: Dalbright

Post Number: 398
Registered: 2-2001
Posted on Friday, September 13, 2002 - 3:14 pm:   

Start an offshore real estate company.....then "sell" the houses to the company, one every few years as to avoid the capital gains tax. Open 3 Swiss bank accounts and have the properties sold at your death and have all monies tranfered to the accounts equally and make sure your kids have the account number. Then send the kids off to europe to live a comfortable life. NOTE: not sure if this will work at all.
Mitch P (Mitchp)
New member
Username: Mitchp

Post Number: 27
Registered: 1-2002
Posted on Friday, September 13, 2002 - 2:36 pm:   

Generally speaking, a living trust DOES NOT avoid estate taxes. Seek the help of an estate/tx attorney who specializes in estate planning. THe rules are very fluid and any plan needs to be examined frequently.
Jim E (Jimpo1)
Member
Username: Jimpo1

Post Number: 744
Registered: 7-2001
Posted on Friday, September 13, 2002 - 2:24 pm:   

LMAO at Ed.
Edward Gault (Irfgt)
Intermediate Member
Username: Irfgt

Post Number: 1931
Registered: 2-2001
Posted on Friday, September 13, 2002 - 1:50 pm:   

There ia a company called Strategic Advisors that can advise anyone as to how to keep more of your money. They advertise in Dupont Registry.
TomD (Tifosi)
Intermediate Member
Username: Tifosi

Post Number: 1307
Registered: 9-2001
Posted on Friday, September 13, 2002 - 1:39 pm:   

hard to give concrete advice best is to talk to lawyers and other who use lawyers and can recommend go ones. That said the easiest way to give stuff to you kids without paying any taxes is to use the 10k per year per child per adult etc. Can also be extended to grandchildern etc. Of course you lose control of it but uncle sam does not get it
Gene Agatep (Gagatep)
New member
Username: Gagatep

Post Number: 16
Registered: 8-2002
Posted on Friday, September 13, 2002 - 1:34 pm:   

since we're in this topic...
I need advice.
How should I protect my assets for my children
so that they pay minimal taxes after I pass away.

Question 1. Have I done enough?
Here's the scenario....
All real estate income earning rental properties are currently on a living trust. When I pass away, the properties
will be divided to the children 3-ways equally.
For arguments sake (I'm not crazy enough to put actual values) - let's say the properties are worth $2 million. If I die now, the properties won't go into probate since it is in a living trust.
The $2 million value will be divided to the 3 children therefor, each just gained $666,6666. The children then have to pay taxes on their gain of $666,666. Is this correct?

Question 2. Since these are rental income properties, should I convert to an S-corp now?
If I convert the properties from the trust to the S-corp, therefor I sold the properties to the S-corp, therefor I have to pay taxes on this sale and the new higher real estate taxes yearly?
With an S-corp, when I die, business continues for the children as normal.

Question 3. To get the right advice, which type of lawyer should I use - specialist on family estate law or small business corp lawyer or a tax lawyer?
I've been with a family estate lawyer that's where we've placed the property on a trust.
TomD (Tifosi)
Intermediate Member
Username: Tifosi

Post Number: 1305
Registered: 9-2001
Posted on Friday, September 13, 2002 - 12:54 pm:   

there are companies helping people do this all over - even the majors help do it KPMG, PWC. Be careful as the gov is cracking down though
Warren L. (Warren)
Junior Member
Username: Warren

Post Number: 118
Registered: 2-2002
Posted on Friday, September 13, 2002 - 12:13 pm:   

I saw an ad for a company by the name of Strategic Advisors the other day in Dupont Registry. They're tax advisors that help independents / company owners / high profile clients who make substantial amounts from their company, real estate transactions etc to keep their money.

They basically find loop holes in the tax laws to generate "losses" to offset gains. Has anyone used their services or heard of them before? I'm interested.

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