Estate Law
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Answered in 5 minutes by:
3/6/2013
Thomas McJD, Attorney
Category: Estate Law
Satisfied Customers: 6,516
Experience: Wills, Trusts, Probate & other Estate Matters
VerifiedTMcJD :
Hi, I will be happy to assist you, and it is my goal to make you a very satisfied customer! This may take a few minutes, so thanks for your patience.
TMcJD :
Could you clarify what you mean by "What is it's the same doubled?"? Thanks.
TMcJD :
Do you know whether it's a qualified, tax-deferred annuity (one where income tax is paid as distributions are made but contributions to the annuity were before taxes)?
Customer:
Clarify: What is 2 houses go into trust/porfolio instead of one; and what if there are two acounts (annuites--whatever the most popular) instead of just one. Tax deferred sounds fine, but what does "before taxes" mean at end? Before being taxed and are then taxed say monthly as income?
Customer:
Sorry about mispelled words. Waiting for answer.
TMcJD :
Okay thanks. Let me review your responses and I'll be back with you shortly.
TMcJD :
Yes, like funding a 401k -- it's money going in before it's taxed (taxes are deferred). Then you pay taxes when you start taking distributions. Is the annuity a tax-deferred annuity?
Customer:
The inheritance I receive soon will get me the annuity. Let's say, yes, it will be a tax-deferred annuity.
TMcJD :
The only advantage to putting a home in trust (in most cases) is for estate planning. You avoid probate and if you have an estate that is over the estate tax exemption (currently $5.25 million), then you might be able to set up a trust that assists with preventing payment of estate taxes. Unless you have a lot more assets (other than those you're inheriting), you won't get estate tax benefits from a trust because you don't need. You would only benefit from bypassing probate on your death so that assets go straight to your beneficiaries without court proceedings being necessary.
TMcJD :
If it's a tax-deferred annuity, you don't want to put it in trust because you'll generally lose the tax-deferred status. Those usually stay out of trust and you just designate a beneficiary to take it on your death (so you still bypass probate without using a trust).
TMcJD :
So there's no benefit to a trust for the annuity -- it's typically a bad idea and limited use for a home (for an estate with no estate tax concerns). Please let me know if you need clarification or additional information. Thanks.
Customer:
:You've answered by questions very clearly. Thank you very much!
Thomas McJD, Attorney
Category: Estate Law
Satisfied Customers: 6,516
Experience: Wills, Trusts, Probate & other Estate Matters
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).
