Comments on: Basics of Estate Planning Part 4 http://www.thefinancialblogger.com/basics-of-estate-planning-part-4/ This is where your finance takes place Tue, 16 Mar 2010 09:31:45 +0000 http://wordpress.org/?v=2.9 hourly 1 By: The Financial Blogger | Basics of Estate Planning Part5 http://www.thefinancialblogger.com/basics-of-estate-planning-part-4/comment-page-1/#comment-2899 The Financial Blogger | Basics of Estate Planning Part5 Wed, 06 Aug 2008 10:00:25 +0000 http://www.thefinancialblogger.com/basics-of-estate-planning-part-4/#comment-2899 [...] four posts on estate planning, we are getting deeper in the financial aspects of your death. Do you leave people behind that are [...] [...] four posts on estate planning, we are getting deeper in the financial aspects of your death. Do you leave people behind that are [...]

]]> By: Richard http://www.thefinancialblogger.com/basics-of-estate-planning-part-4/comment-page-1/#comment-2867 Richard Sat, 02 Aug 2008 07:38:12 +0000 http://www.thefinancialblogger.com/basics-of-estate-planning-part-4/#comment-2867 Never said it was full proof or a perfect solution. ;-) On the other hand, if the trust purchased the home to begin with, instead of transferring, the individual never would have disposed of the house at fair market value since they didn't own it to begin with. Never said it was full proof or a perfect solution. ;-)

On the other hand, if the trust purchased the home to begin with, instead of transferring, the individual never would have disposed of the house at fair market value since they didn’t own it to begin with.

]]> By: The Financial Blogger http://www.thefinancialblogger.com/basics-of-estate-planning-part-4/comment-page-1/#comment-2862 The Financial Blogger Sat, 02 Aug 2008 00:59:28 +0000 http://www.thefinancialblogger.com/basics-of-estate-planning-part-4/#comment-2862 Richard, However, when you setup the trust, the individual will be deemed to have sold the rental property at the fair market value. Therefore, he has to pay taxes while he is living. If you can't escape from Lady Death, you surely can't escape Mr. Taxes either ;-) The other thing with trust, is that you have to keep in mind that it is deemed to have disposed of their assets every 21 years as well in order to make sure that our dear Gov gets its part of the cake ;-) Richard,

However, when you setup the trust, the individual will be deemed to have sold the rental property at the fair market value. Therefore, he has to pay taxes while he is living. If you can’t escape from Lady Death, you surely can’t escape Mr. Taxes either ;-)

The other thing with trust, is that you have to keep in mind that it is deemed to have disposed of their assets every 21 years as well in order to make sure that our dear Gov gets its part of the cake ;-)

]]> By: Richard http://www.thefinancialblogger.com/basics-of-estate-planning-part-4/comment-page-1/#comment-2858 Richard Fri, 01 Aug 2008 11:25:46 +0000 http://www.thefinancialblogger.com/basics-of-estate-planning-part-4/#comment-2858 Another good read. For hear in the states, there are ways of reducing ones net worth that even survive ones death. Setting up Trusts or a family corporation (FLP or S Corp are good) can help shield it. A Family Trust that owns all the properties is also another good idea. Even though a permanent life insurance could be used here, there are other, and in my opinion better, alternatives. Another good read. For hear in the states, there are ways of reducing ones net worth that even survive ones death.

Setting up Trusts or a family corporation (FLP or S Corp are good) can help shield it. A Family Trust that owns all the properties is also another good idea.

Even though a permanent life insurance could be used here, there are other, and in my opinion better, alternatives.

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