Be careful choosing your attorney. We had one that made a fortune off our troubles with family conflicts. They’ll milk you for as much as they can and drain your inheritance. JS🤨
If someone inherits funds from a Living trust, are they required to pay tax on it,. Like your info but you give too many examples. How about talking about inherence less than 100K.
There are no taxes due on your $100,000 inherited from a living trust. The only time I know of when taxes are due is when you inherit a traditional IRA in which case you'll owe income taxes when you withdraw the money (which must be withdrawn in the next 10 years). Sound correct Paul?
Just curious....Regarding the unlimited gifts between spouses......Does this mean that a "Dad" that wants to give his daughter 36,000 in a single year could give $18,000 to his daughter and $18,000 to his wife ("Mom")...and then his wife could turn around and give $18,000 to her daughter in the same year? Basically, I'm wondering if the IRS looks at "strategies" like this and disallows them. Oh! Never mind! It seems you answer this question at 38:53
You could give the daughter $18,000 from Dad and $18,000 from Mom on December 31 then give the daughter another $18,000 from Dad and $18,000 from Mom on January 1 and now you've given $72,000 in 48 hours and you're not required to file IRS form 709 if you don't give the daughter any more money in either year (so you don't go over the $18,000 gift limit per year). Sound correct Paul?
@steveking8548 Sounds correct to me...I was just wondering...What if "Mom" doesn't have $18,000 to give but "Dad" does have $36,000 to give"... (or $72,000 in your example)....Paul answers this later in the video at 38:53. With "gift splitting", Mom can allow Dad to use her $18,000 annual gift tax exclusion, or vice versa (assuming they're married) Here are the rules (according to a Google search): The couple must be legally married under state law. Each spouse must be a US citizen or resident during the year in which the gift is made. Both spouses must provide their consent to the IRS to split gifts.
This man must know nothing about the federal income tax collected from Americans is a gift to the government. Proof lies with the Internal Revenue Manual, the tax guide for the IRS to classify all tax money coming in, per Document # 6209. See a W-2, W-2G, W-4 and a 1099 tax form as a class 5 estate and gift tax. Gifts are voluntary.
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Thanks !😅 I am getting this. I'll hollar at ya later and would like to discuss business with you about this. "Gifting!" Agaiin,thank you, and so long
Be careful choosing your attorney. We had one that made a fortune off our troubles with family conflicts. They’ll milk you for as much as they can and drain your inheritance. JS🤨
I can’t relate to these sums of money but I’m happy for those that can.
Wow! One of the best yet of your videos!!!
Yay! Thank you!
Very, very helpful. Thank you
Glad it was helpful!
If both my wife and I give the max of 18k each to one of our children, total 36k, do we need to file an IRS form 709?
Great video Paul! I will be in touch when I win the lottery.😂
Good luck!
If you give a gift to a minor (6 year old) in a trust and the trustee is the guardian is a crummy notice necessary?
You reminded me something 😊. Insurance Trusts.
If someone inherits funds from a Living trust, are they required to pay tax on it,. Like your info but you give too many examples. How about talking about inherence less than 100K.
There are no taxes due on your $100,000 inherited from a living trust. The only time I know of when taxes are due is when you inherit a traditional IRA in which case you'll owe income taxes when you withdraw the money (which must be withdrawn in the next 10 years). Sound correct Paul?
I may nominate you for backup Livestream host!
Just curious....Regarding the unlimited gifts between spouses......Does this mean that a "Dad" that wants to give his daughter 36,000 in a single year could give $18,000 to his daughter and $18,000 to his wife ("Mom")...and then his wife could turn around and give $18,000 to her daughter in the same year? Basically, I'm wondering if the IRS looks at "strategies" like this and disallows them.
Oh! Never mind! It seems you answer this question at 38:53
You could give the daughter $18,000 from Dad and $18,000 from Mom on December 31 then give the daughter another $18,000 from Dad and $18,000 from Mom on January 1 and now you've given $72,000 in 48 hours and you're not required to file IRS form 709 if you don't give the daughter any more money in either year (so you don't go over the $18,000 gift limit per year). Sound correct Paul?
@steveking8548 Sounds correct to me...I was just wondering...What if "Mom" doesn't have $18,000 to give but "Dad" does have $36,000 to give"... (or $72,000 in your example)....Paul answers this later in the video at 38:53. With "gift splitting", Mom can allow Dad to use her $18,000 annual gift tax exclusion, or vice versa (assuming they're married)
Here are the rules (according to a Google search):
The couple must be legally married under state law. Each spouse must be a US citizen or resident during the year in which the gift is made. Both spouses must provide their consent to the IRS to split gifts.
This man must know nothing about the federal income tax collected from Americans is a gift to the government.
Proof lies with the Internal Revenue Manual, the tax guide for the IRS to classify all tax money coming in, per Document # 6209. See a W-2, W-2G, W-4 and a 1099 tax form as a class 5 estate and gift tax. Gifts are voluntary.
😂😂😂😂