I am setting up a trust. My name is on the house deed. To decrease my taxable assets in the trust, I want to title the deed in my 4 children's names. Can this be done ?
2006-07-05 14:40:12 · 5 answers · asked by victorhugo 1 in Business & Finance ➔ Taxes ➔ United States
In most states you can give your kids such gifts up to a certain amount of money, per year. It is a pretty hefty amount. If your serious go see a lawyer and CYA. Lots of luck
2006-07-05 14:45:28 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You should definitely speak with an estate lawyer. Ask about setting up a QTIP, which will reduce the taxable value of the gift to your children.
2006-07-05 15:45:45 · answer #2 · answered by taxmannyc 3 · 0⤊ 0⤋
Why?????
If it's in the trust it should be fine. The trust owns it then, not anyone else. Is this an A-B trust?
I have a trust with my wife. Your estate is too damned important to be screwing around with it. Use your lawyer and your accountant, that's what they are for. Pay the damn fee and get it set up right. Quit trying to save 2 cents by asking the dumbasses on here. Sheeshhh.......
2006-07-05 14:45:58 · answer #3 · answered by Anonymous · 0⤊ 0⤋
approximately as legally binding by way of fact the marriage final 3 hundred and sixty 5 days, and whether theyre genuine you alter it back it expenses you £20. If identity have long gone for the time of the attempt to get there (which I wouldnt) then identity replace it
2016-12-10 05:09:06 · answer #4 · answered by ? 4 · 0⤊ 0⤋
this is tricky stuff
you need to see a tax lawyer in your state
changing the name on a title, can be considered a "gift"
gifts have their own tax rules and consequences
if your like me, you hate to pay the paper pushers but this is the kind of situation where you need a good tax lawyer to maximize the effect of your action and keep you out of serious trouble
2006-07-05 14:45:50 · answer #5 · answered by enginerd 6 · 0⤊ 0⤋