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This is for persons who are charitably inclined and also want to make discounted gifts to their children or someone else. The gift to charity leads to an income tax deduction if the trust is structured properly. The remainder which is given to the kids is valued for gift tax purposes at its present value, which is less than the full value of the assets in the trust because of the prior charitable interest. NOTE: There currently is no Federal or state estate tax or generation skipping tax. The gift tax is still in effect. Whether or not the estate and generation skipping taxes will be reinstated this year is not known. Many people expect that they will be reinstated, but what will happen is not known. What the rates and exemptions will be if the taxes are reinstated is also not known. Click here for more. || Back
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Donald M.
Thompson * 55 W. Monroe #3950; Chicago, IL 60603 |
