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Living Trusts [continued from Page 01] What The IRS And Most Attorneys Don't Want You To Know How to pass your estate to your heirs without unnecessary taxes, lawyers, courts or the probate system. During the next ten years, over $18 Trillion Dollars will change hands as graying Americans pass their estates to their heirs. This is referred to as "The $18 Trillion Dollar Secret" because the IRS wants to capture as much of it as possible in inheritance taxes. Naturally, the IRS doesn't want you to do any estate planning because that would diminish "their take", hence "the secret". Considering that probate fees for Will and Probate attorneys and personal representatives average 6% of the gross estate, most of them do not want you to plan, either. According to AARP in their document, A report on Probate: Consumer Perspectives and Concerns, the total of those fees will "be nearly $2 billion dollars!" This makes those attorneys "in effect, (your) unnamed heirs." Only in America do you have the privilege of dying and still have to pay tax on the assets you paid tax on to acquire. Quoting from the AARP Report, in America "it may take as much as 17 times longer, and cost 100 times more, to transfer a deceased person's wealth to survivors" than in Great Britain. It makes you wonder if our great system of justice is sometimes a little too self-serving, doesn't it? The idea behind Living Trusts is not new. More than 1200 years ago, Roman rulers established the framework that remains today the most efficient way to protect you from the estate-devouring probate process. Today, a Living Trust is the only fail-proof way to pass on your entire estate to your heirs without unnecessary taxes, lawyers[1], courts or the probate system. It Is A Matter Of Choice No longer are Trusts just for the wealthy. It is interesting to note that the largest percentage impact from the cost of Probate is on estates of $100,000 or less. While a Probate cost of 6%, $6,000 on a $100,000 estate, may not seem like a large amount, the impact could send the estate into bankruptcy because Probate fees are calculated on the gross size of your estate, not your net worth! Why the gross size? Because the Court has to make sure that your debts, including Probate fees, are paid or resolved before it can pass your assets to your heirs. Therefore, the fees are calculated on your entire estate, including your debts. So how do you avoid probate and unnecessary estate taxes? The only way: A good revocable living trust. Which do you want for your Family? Will Attorneys
Living Trust No attorneys
[1] We acknowledge that a testamentary trust can be used to avoid unnecessary estate taxes. But, of course, testamentary trusts involve probate with all its unnecessary costs, delays and frustrations. |
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