en-us https://www.intensedebate.com/users/479499 Comments by ErikVegas http://theglennbeck912project.com/2009/04/01/two-things-in-life-are-certain-death-taxes/#IDComment18075019 If, While you were living, you transfered ownership of that property to the trust, which you controll naturally, it is no longer part of your estate but becomes aprt of the trust. You can then even give instructions on what to do with the items in that trust after you are gone. Lets use the house again as an example. You have been smart and transfered ownership of your house to your living trust. On your death you trust documents instruct the trustee to sell the house and fund the trust with the cash from the sale of the property. This money can then be used any way you direct the trustee to administer it. Now, instead of you locsing a huge part of your estate to probate and estate taxes your heirs are each individually taxed on the money they recieve from the trust as if it were income. Prety nice eh??? Oh by the way this is how the Old Money keeps their family fortunes. Erik Fri, 3 Apr 2009 08:54:52 +0000 http://theglennbeck912project.com/2009/04/01/two-things-in-life-are-certain-death-taxes/#IDComment18075019 http://theglennbeck912project.com/2009/04/01/two-things-in-life-are-certain-death-taxes/#IDComment18075012 Discouraged, If your father has not done it yet he (and anyone else concerned about this) should speak to a lawyer about a living trust. This is a vehicle that will protect the assets that your mother and father worked for and eliminate capital gains and estate taxes on their money in the event that both of them die. It is a very simple device. Basically it acts as a holding company for anything that you want to put into it. Say you have a house that you have paid for. Its worth 600k (ha ha not in todays market) If you were to die with only a will this property would become part of your estate and would have to go through probate. Fri, 3 Apr 2009 08:54:38 +0000 http://theglennbeck912project.com/2009/04/01/two-things-in-life-are-certain-death-taxes/#IDComment18075012