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Hi! It’s Lou Brown. One of the questions that people ask me sometimes is, How much are trusts taxed? And that’s such a vital question because there’s really several answers. It really depends on the state in which you reside, because as a result of where you have chosen to be, there can be very significant taxes. Now there is a Federal Tax on estates as well. Currently that Federal Tax is extremely generous. Given what has been decided in prior years that the estate can be over $11 million and have zero Federal Income Tax and Estate Tax as it results on that estate. So from a federal standpoint, most people would have zero Federal Taxes. However, depending on the state that you’re in, there could be not only an Inheritance Tax, there could also be an Estate Tax. Two different taxes. Excuse me.
Most States have none of those, but some of them have one of those and some of them have both of those. So it’s important to check that out and that’s definitely something that can definitely impact the value of that estate simply because of those taxes. Now, most of the time, if you’re married, the asset passes from one spouse to the other, without any taxes at all. But once it passes from that remaining spouse to the heirs, that’s when taxes kick in. So it’s important to discover those things.
Now we’re going to be talking a lot about that. We have a four day event coming up. It’s called Maximum Asset Shield. You can learn about it at MaximumAssetShield.com Very important that you learn the process of trusts. It’s confusing. It’s confounding. For most people, they go to a professional. The professionals does it for them, but doesn’t really tell them what they’ve done. Very important that you learn where you’re burying the bones and that you and your family are protected.
And it’s so valuable because you can avoid a very expensive process called Probate. Where they charge you for everything. And there’s a delay in the process. There’s confusion in the process. And there’s costs in the process that can be absolutely avoided. So learning about trust is a brilliant move and definitely you can set yourself up to avoid the taxes as well. So there’s another type of trust for larger estates, where it makes sense to go for what I call the Elite Trusts. Now I’m going to be discussing that at the MaximumAssetShield.com event as well. And that trust can avoid those horrible things called Estate and Inheritance Taxes. How cool is that? I want to teach that to you. Hope to see you soon. Yeah, baby!