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While we have written extensively about how wealthy (or even some middle class) families are dreading the return of the estate tax, we have only written of a few tools up a clever NY estate attorney's sleeve in order to mitigate the tax. One of the tools that a New York estate planning lawyer can use was mentioned over the weekend by the New York Times' writer Paul Sullivan.
All In the Family? A Family Limited Partnership Helps Dodge Estate Tax
HOUSTON -- As you work on your taxes this month, here's something to raise your hackles: Some of the world's biggest, most profitable corporations enjoy a far lower tax rate than you do--that is, if they pay taxes at all. The most egregious example is General Electric ( GE - news - people ). Last year the conglomerate generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam.
A Revocable Living Trust is an estate planning tool which, when funded properly, transfers the ownership of an asset from your name into a “Trust”. It’s called a Living Trust because you create it during your lifetime rather than in your Last Will and Testament. The basic concept of a Revocable Living Trust is that you give up ownership of an asset, but retain complete control over it at the same time.
What The Top U.S. Companies Pay In Taxes
What is a Revocable Living Trust?