What is the name of your state?What is the name of your state? PA.
I am trying to avoid establishing a trust. I was going to separate the joint assests in half (each spouse gets 50% of assets) and create a will and beneficiaries for each spouse therefore technically reducing the overall estate by half to bypass the estate tax.
Are there other options other than establishing a trust?
I intend to start gift giving immediately but will not reduce the estate below the estate tax exemption amount.
Are there other tax ramifications that i am not considering by doing this?
thanks,
nomny
I am trying to avoid establishing a trust. I was going to separate the joint assests in half (each spouse gets 50% of assets) and create a will and beneficiaries for each spouse therefore technically reducing the overall estate by half to bypass the estate tax.
Are there other options other than establishing a trust?
I intend to start gift giving immediately but will not reduce the estate below the estate tax exemption amount.
Are there other tax ramifications that i am not considering by doing this?
thanks,
nomny