Msg. 08016 of 65535 (This msg. is a reply to
08003 by
oldCADuser)
Jump:
ocu
...my tax guy says that on a tax deferred inheritance the taxes have to be paid out of the estate before it can be distributed and then if it exceeds the minimums for inheritance it gets taxed again.
Liberals are like a "Slinky". Totally useless, but somehow ya can't help but smile when you see one tumble down a flight of stairs!
Obama was talking about a loophole that allows the wealthy to set up trusts and then plow unrealized capital gains, yet to be taken dividends and deferred income, all without incurring any tax liability at that moment, into the trust. If the trust is then left untouched by the owner it remains technically 'tax deferred', but if the owner dies and the trust becomes part of the estate, it passes to the heirs with no taxes owed. It's a loophole in the inheritance laws, it's not a tax on income which has already been taxed. That's what the normal inheritance tax does and there's already a $5 million ($10 million for couples) exemption in that case, so no poor millionaires are getting wiped out by inheritance taxes. Sorry, but this new proposal is intended to only recover taxes which were NEVER paid in the first place but were technically owed by the original owner of the trust.
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