Steelart99
Recycles dryer sheets
- Joined
- Apr 24, 2012
- Messages
- 184
I have durable power of attorney for my mother and have an issue that has come up regarding estate taxes on her estate.
She is currently running up against the Estate Tax Exemption level and I anticipate that she will easily exceed it. Further, depending on how the November election goes, the Exemption could be reduced significantly and the tax rate increased.
I'm trying to find ways to reduce her estate value which in turn reduces the eventual estate tax we'll have to pay. She has a fair sized amount of her estate in cash, so I have that to work with.
I'm looking for any ideas in addition to what I've already researched i.e.:
1. Gifting to the $15K level to family members and friends
2. Paying for education costs (she must pay the institution directly) for her grandchildren and great-grandchildren
3. Charitable giving of appreciated assets - reduces estate at Fair Market Value of the assets
4. Charitable Remainder Trust - I'm still researching this
5. Loans to family members to move investment earnings out of the estate
6. Dynasty Trust - A more long term goal
I'd appreciate any additional ideas!
She is currently running up against the Estate Tax Exemption level and I anticipate that she will easily exceed it. Further, depending on how the November election goes, the Exemption could be reduced significantly and the tax rate increased.
I'm trying to find ways to reduce her estate value which in turn reduces the eventual estate tax we'll have to pay. She has a fair sized amount of her estate in cash, so I have that to work with.
I'm looking for any ideas in addition to what I've already researched i.e.:
1. Gifting to the $15K level to family members and friends
2. Paying for education costs (she must pay the institution directly) for her grandchildren and great-grandchildren
3. Charitable giving of appreciated assets - reduces estate at Fair Market Value of the assets
4. Charitable Remainder Trust - I'm still researching this
5. Loans to family members to move investment earnings out of the estate
6. Dynasty Trust - A more long term goal
I'd appreciate any additional ideas!