Is there a way around the gift taxes??

Reply #16

joshuacloak — Thu, 02 May 2013 09:03:57 GMT

Yes

total freedom, as creater of trust writes how trust works and who gets what etc

Reply #15

mikeintexas — Thu, 02 May 2013 04:17:26 GMT

I don't have a clue about the trust, but I do know many people take advantage of them for tax reasons.

The debit card/bank account idea is OK, I suppose and I'm not morally opposed to doing it that way, but if I had a bunch of money from a jackpot, I'd want to do things on the up-and-up. I'd hate to have the govt. find out I was transferring money w/out paying the gift tax and then have them fine you that amount plus a substantial penalty, perhaps even confiscate a large portion of your wi... [ More ]

Reply #14

billionaire2bee — Wed, 01 May 2013 22:34:04 GMT

So this would work if I just wanted to give a one-time gift to someone as well then

Reply #13

dallascowboyfan — Wed, 01 May 2013 21:43:24 GMT

LOL good one

Reply #12

PlayToWin47 — Wed, 01 May 2013 18:30:56 GMT

I'd have to educate myself more on how trusts work, but from what little I've heard, I think naming family, friends, etc. would be ok.

I do appreciate all the good info that joshuacloak has posted concerning trusts!!! I think, however, I would hire the lawyer familiar with trusts, instead of doing it myself ... just so I don't miss some legal thing that causes me grief.

Reply #11

joshuacloak — Wed, 01 May 2013 18:14:45 GMT

u may have some major false assumptions about trusts or something going on

but they are By large and far, best option there is when it comes to sharing on YOUR terms

if i won say massive 200m , atfer taxes, lets just say its 100m CASH trust has now

i can write up trust, naming me get say 99% or 99m of money

then put in 5 friends names getting each 200k,

now am guesting one false assumptions , is okay so I drop dead, now they get other 99m?

no no no no, u can even write wh... [ More ]

Reply #10

billionaire2bee — Wed, 01 May 2013 17:37:34 GMT

So you'd be ok with naming friends and neighbors in your trust

Reply #9

PlayToWin47 — Wed, 01 May 2013 14:26:41 GMT

If I won enough and wanted to give away enough that gift taxes were an issue, I'd definitely go the 'trust' route ... assuming that I can't just have it split at the lottery office.

Reply #8

billionaire2bee — Wed, 01 May 2013 10:59:56 GMT

I do like that idea....but you'd have to make sure that they wouldn't overdraft that account

Reply #7

savagegoose — Wed, 01 May 2013 10:48:58 GMT

pre paid credit cards

Reply #6

BuyLow — Wed, 01 May 2013 09:58:10 GMT

I think ttech10 means that you'd only put into that account what you wanted to give to that person......

Reply #5

C0w Pi3 — Wed, 01 May 2013 04:36:38 GMT

You'd have to REALLY REALLY trust that friend..

Reply #4

ttech10 — Wed, 01 May 2013 00:28:55 GMT

I always wondered about simply opening an account and then adding someone else on as a co-signer. They would have access to it and be given a debit card and checks, but I would be the primary owner. I know when I was co-signer to someone else's account, it was them who had to deal with any tax implications of the account.

I've always planned on sharing some winnings with a really close friend and this would allow for that without having to deal with any dumb gift taxes.

Reply #3

billionaire2bee — Tue, 30 Apr 2013 20:33:38 GMT

Yes but what if you dont want to name friends in your trust

Reply #2

HoLeeKau — Tue, 30 Apr 2013 13:50:10 GMT

One way to get around taxes on a house is to build it on property they already own. That's how Extreme Makeover does it. They lease the land, and build the house. The loophole is that a property owner does not have to pay taxes on improvements that a tenant makes.

Of course that won't work if they hate their neighborhood and want to move.

Reply #1

joshuacloak — Tue, 30 Apr 2013 12:11:23 GMT

its called a trust

aka you would be main trust beneficiary, how is simple, have lawyer handle all this part , they can set it up for your needs

u can supply a endless amount of names to trust as other for beneficiary then just u

then have trust give them all money u want,

gift tax is must retarded tax out there

govt first tax the money when got to u,

, then tax's it again just for giving it away,that's double tax, wtf greedy govt

anywot this joke of a tax has loo... [ More ]

Is there a way around the gift taxes??

billionaire2bee — Tue, 30 Apr 2013 12:00:37 GMT

So if you won the jackpot and wanted to give someone a new car....like maybe they want a new let's say a corvette with all the bells and whistles...costs what maybe 50 60 thousand...could you buy it in your name then sell it to them at like maybe $100...would he then just be responsible for the yearly adjusted value only...or not?? Would it work for houses and other gifts too