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Reply to "Parents/in-laws paying estate tax to avoid giving while alive"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]What about a revocable trust? Does it confer tax benefits but the owner (ie, elderly parent) can still take out some money if they need it?[/quote] Why? To get under the estate tax cap that it could revert back to in a couple years, you only have to get assets under $13M (6.5 per person.) That doesn’t put anyone in danger of running out of money. Especially not people with a paid off home and long term care insurance.[/quote] If you are worried about estate taxes, you most likely are not paying for LTC insurance, unless you got in on one that will pay indefinitely (but those didn't exist for very long and many are out of business due to the costs and won't pay out when you need it). [/quote]
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