Does the inheritance tax apply to my estate if I have an Elite Trust?
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JB asked a really good question. I think he has an Elite Trust. Do any of these taxes apply to my estate if I have an Elite Trust?
No. What happens is that when you sell whatever assets you have to trust you’re selling them at your basis in those assets. So, there’s no taxable event for those to be purchased by the trust. And the trust gives back a note to you. So, if you ever needed to have some money outside of the trust, then you could simply ask the trust to pay you for that note that the trust owes you. So, that’s one way that you can get money out of the trust is simply have a note outside the trust, but inside the trust, the trust can make as much money as the trust can make, basically through the sale of those assets, through the use of those assets, through the renting of those assets, that kind of thing, and the benefits remain inside the trust. So, if they have taken advantage again of the tax code, and this is in the tax code in the six hundreds part of the tax code, I was telling you about earlier that allows for these assets to be able to pass and allows for the funds in that trust to be able to continue and pay its bills and what have you, without there being a taxable event.