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How does a trust avoid taxes?
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As I understand it. Putting money into a trust counts toward your lifetime gift limit. So how does that save money/taxes vs just giving the money away as a gift?
Let’s say you have 30m and want to give it to your children. You can gift them 13m and hit the lifetime limit. Then what do you go with the last 17m? Is it doomed to pay 40% taxes? You’ve already hit your lifetime limit so you’ll pay 40% if you put it into a trust or you’ll pay 40% when you die.
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And family limited partnerships/family LLCs. Not trusts, but can be used to fund trusts.