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An approach.... Posted by Herb Hirsch [Email] (#114) [Profile/Gallery] (more from Herb Hirsch) on Fri, 24 Apr 2009 11:45:30 In Reply to: OT: Retirement Asset Trusts as part of Estate Planning, MI-Roger [Profile/Gallery] , Fri, 24 Apr 2009 04:48:10 Members do not see ads below this line. - Help Keep This Site Online - Signup |
I would see an experienced estate attorney with these types of questions. It is much more complicated than what you have stated. A couple of points you need to get answers for are as follows.
1. State inheritance and estate tax issues. These vary by state
2. Federal estate tax issues. The answers have been changing over the last few years.
3. Distribution of tax-deferred assets (generally, but not always taxable whether you are alive or not).
4. Gift tax issues
The only way to avoid taxes on the distribution of tax-deferred assets is to give them to a charity. Recent legislation may have changed this.
The only way to avoid taxes on an estate is to dispose of the assets before you die. This means that you have to give them away....to your children, or some other legal person (eg.: a trust). There may be gift tax issues.
http://www.waltsheffield.com/PracticeAreas/Preserving-Retirement-Assets.asp
The above is a site that may offer some insight into the issues you've raised.
Finally, you should consider seeing a estate planning attorney. These are not Saab BB types of questions.
Herb Hirsch
South Brunswick, NJ
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