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The Water Cooler
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The Tax Man Cometh
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<blockquote data-quote="TANSTAAFL" data-source="post: 3765123" data-attributes="member: 27098"><p>Trust proceeds can be taxed depending on the type of trust. Doesn't matter how it's funded. or how much There are </p><p></p><p>1) federal income tax,</p><p>2) federal inheritance tax</p><p>3) probate</p><p>4) gift taxes potentially</p><p>5) state inheritance tax</p><p>6) state income tax.</p><p></p><p>Not saying that was the case, just a possibility. For example, you leave 100k in your 401k, you die, your kids get to pay income tax. Currently you are 100% correct, over 11 million and their are federal inheritance taxes. BTW the democrats are trying to knock that down to 600k again.</p></blockquote><p></p>
[QUOTE="TANSTAAFL, post: 3765123, member: 27098"] Trust proceeds can be taxed depending on the type of trust. Doesn't matter how it's funded. or how much There are 1) federal income tax, 2) federal inheritance tax 3) probate 4) gift taxes potentially 5) state inheritance tax 6) state income tax. Not saying that was the case, just a possibility. For example, you leave 100k in your 401k, you die, your kids get to pay income tax. Currently you are 100% correct, over 11 million and their are federal inheritance taxes. BTW the democrats are trying to knock that down to 600k again. [/QUOTE]
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