Legal Question in Wills and Trusts in California
Saving death tax
If an estate, in a living trust, leaves $17 million, less the $2 mil bypass gift exclusion, then $15mil is left, of which 55% goes to the estate tax, apprx. $8 mil,
what can be done to save the
$8 mil from the tax.
3 Answers from Attorneys
Re: Saving death tax
In addition to the other answers, note that charitable gifts at (if planned for and/or permitted by the trust/will) or before death also reduce the size of the taxable estate.
Re: Saving death tax
If the settlor is already deceased, it may already be to late to do anything. The estate could have saved a few million with an ILIT (irrevocable life insurance trust) or some other tax savings vehicles.
Re: Saving death tax
If the death has already occurred - then nothing. If the wealthy person has time and a desire to plan to save the tax, plenty.
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