Post B5eZdGq5bIordvey5g by Humpleupagus@eveningzoo.club
 (DIR) More posts by Humpleupagus@eveningzoo.club
 (DIR) Post #B5eZdGf6GA1r5qWBxg by jahmind@www.minds.com
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       https://www.minds.com/newsfeed/1893321126113714176
       
 (DIR) Post #B5eZdGq5bIordvey5g by Humpleupagus@eveningzoo.club
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       Most people don't pay estate tax. The estate limit is $15 Million right now, that's $30 Million for a married couple.  And estate tax may be the one tax that is necessary to free men. It prevents single land barons from owning large estates and raising legions after generations of wealth accumulation.
       
 (DIR) Post #B5eZxDvA9ysiNsXzEm by captainslow@poa.st
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       oh no I have to put my vast wealth into an irrevocable trust!
       
 (DIR) Post #B5eZxEA3Gcn783VsRc by Humpleupagus@eveningzoo.club
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       Irrevocable trusts are generally not taxed on the initial transfer of assets (formation), but the transfer is treated as a completed gift, potentially requiring a gift tax return (Form 709). If the gift exceeds the annual exclusion, it may reduce the grantor’s lifetime estate and gift tax exemption, though immediate tax is rarely due.
       
 (DIR) Post #B5eaNHDQX8608CVsQK by captainslow@poa.st
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       shares of close corporations may not have market value.
       
 (DIR) Post #B5eaNHap88oLIlSYtM by Humpleupagus@eveningzoo.club
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       Yeah.Trust are also taxed at a higher rate.Other problems with irrevocable trusts is that the gift must be complete prior to death and the grantor generally can't have a beneficial interest. Sham transactions doctrine. It'll get pulled back into the estate.