Re: how to compare living standards


"William F Hummel" <wfhummel@xxxxxxxxxxx> wrote

On the death of the second spouse, the successor trustee
(whoever you have named in the trust) will terminate
by the distributing the assets to the beneficiaries
after first paying the estate tax on that portion
of the survivor trust that exceeds the exemption amount.


Aha. Actual information! William, for Jim's benefit as well as mine, can
you say a couple of words on:

1) The difference between "trustee" and "beneficiary". Jim seemed to
conflate the two.

2) The unified lifetime gift-and-estate tax exemption. There is an intimate
tie between the gift tax and the estate tax, as both tax lawyers and the IRS
understand.

-- TP



.

Relevant Pages

  • Re: *****OFF TOPIC"****** trusts and taxes
    ... with corrections for 2005 income and get that tax return done. ... nzlstar at yahoo dot com ... i find out new info on closing my moms 'living trust'. ... he told me i need a new estate tax number. ...
    (rec.crafts.textiles.quilting)
  • Re: OT - Where Your Tax Dollars Go...Well At Least $410 Billion of It
    ... That is one reason I say the inheritance tax is not very ... Dan, I am not a trust lawyer any more than you are, but I think you are ... A charitable trust just for your ...
    (rec.crafts.metalworking)
  • Re: *****OFF TOPIC"****** trusts and taxes
    ... with corrections for 2005 income and get that tax return done. ... nzlstar at yahoo dot com ... i find out new info on closing my moms 'living trust'. ... he told me i need a new estate tax number. ...
    (rec.crafts.textiles.quilting)
  • Re: *****OFF TOPIC"****** trusts and taxes
    ... with corrections for 2005 income and get that tax return done. ... nzlstar at yahoo dot com ... i find out new info on closing my moms 'living trust'. ... he told me i need a new estate tax number. ...
    (rec.crafts.textiles.quilting)
  • Re: how to compare living standards
    ... of the survivor trust that exceeds the exemption amount. ... The unified lifetime gift-and-estate tax exemption. ... tie between the gift tax and the estate tax, as both tax lawyers and the IRS ...
    (sci.econ)