Is there a way around the gift taxes??Prev TopicNext Topic

• mikeintexas

  

  Texas Panhandle
  United States
  Member #136,837
  December 20, 2012
  1,660 Posts
  Offline
  May 2, 2013, 12:17 am

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  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 winnings.  (there's that old saying that you can't get blood out of a turnip, but the IRS can darn sure take the turnip) I've always thought you could start up some sort of business and hire your family to run it.  I'm not sure on current IRS rules, but used to be you could deduct business losses for three years.  I don't see why you couldn't pay your "employees" anything within reason and if the business turned out to be a success, then your family could share in the profits.  It would also be a way to transfer part of your wealth by giving them benefits such as the best health insurance or retirement funds, etc.

  Epstein didn't kill himself.
• joshuacloak

  

  United States
  Member #32,536
  February 12, 2006
  711 Posts
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  May 2, 2013, 5:03 am

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  In response to billionaire2bee

  Quote: Originally posted by billionaire2bee on May 1, 2013

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

  Yes

   

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

  One tequila, two tequila, three tequila, floor.