I am listening to Smart Talk in Pennsylvania. Usually this stuff bores me, but when I heard as an introduction the government is about to tax a person who leaves a million dollar estate, and they shower how easily it can add up to a million, by having stocks, 401, and more, such as personal property.Trusts, which money would go into for exemptions so as not to give all assets to surviving spouse, = Spouse exemption.
Under the estate tax law, the person giving it away it responsible for gift taxes-however if you pay directly someone tuition directly, as a gift, no tax. pay doctors and or hospitals, give away 13,000.00 no tax, but 13001. taxes come into play.
Now I, in no way have any where near that, yet I believe in why not sell my house now and give my kids money to help them now. Who needs a house when you can rent as an older person, have some cash, take a trip, get silly and give your kids a bit extra now.
Yeah, the good old government has it's sticky tax fingers in everything.
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