Legal Question in Wills and Trusts in New York

taxes on trusts vs outright inheritance

My elderly parents have set up a trust for me on the advice of their attorney, who told them that they will save me money in taxes by with this trust fund instead of giving me the money outright. (The fund will pay me about $75,000 a year, although I can ask for more from the executor). The amount of money involved in real estate is about 1 million and approximately the same in bonds & stocks.

I am 60, married, have no children and am not profligate so I want to show them that I will pay a lot less in taxes if they leave it to me outright.


Asked on 12/02/02, 8:43 am

1 Answer from Attorneys
Norman Nadel Norman Nadel, Esq.

Re: taxes on trusts vs outright inheritance

The savings may be in estate tax.

What is your personal wealth and if combined with the real estate, will it result in a higher potential estate tax?

These are calculations estate planners make. Do the math and evaluate the results.

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Answered on 12/02/02, 8:50 am


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