How long must a trust be in place to avoid inheritance tax?

Answer An irrevocable trust must be in place a total of three years before the grantor's death. The grantor would not be able to touch the trust, unless dire circumstances are proven. Therefore, the money... Read More »

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Will I pay inheritance tax on trust?

In most cases, no; those who inherit a trust will not have to pay taxes on the gift. If the inheritance came from a spouse the answer is a positive no. If it came from another person, the gift tax ... Read More »

How to Transfer an Inheritance to a Trust?

Inheriting assets is a small consolation after losing a loved one. This consolation may come with the added burdens of figuring estate taxes and determining the best course action to take with the ... Read More »

How to Avoid Inheritance Tax?

When someone dies, the money and property left to beneficiaries is subject to an inheritance tax. Sometimes referred to as the "death tax," this is an often debated issue as neither the benefactor ... Read More »

How to Avoid Trust Fund Penalties with the IRS?

The Trust Fund Recovery Penalty (TFRP) is contained in a law passed by the US Congress. The TFRP allows the IRS to assess a penalty against an individual officer, employee, or partner of a corporat... Read More »