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Reply to "Setting up an irrevocable trust"
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[quote=Anonymous]An individual has a lifetime exemption of about $13 million, so $26 million for a couple but that rule expires in or after 2025 when it will be less than half that unless extended. If you set up the irrevocable trust it will pass to your beneficiaries tax free. However, the annual trust income is taxed but if the trust is also a grantor trust those taxes can be paid outside of the trust so the appreciation stays inside the trust. In effect, the tax you pay outside the trust is another gift that isn’t taxed. [/quote]
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