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Another common basis maximizing technique is to borrow money on appreciated assets and gift the borrowed funds away.This is particular useful to avoid tax in a decoupled state that has no gift tax (e.g., New Jersey).
How will the cost and complexity of trust administration change if you as a trustee cannot assume that the governing instrument can be relied upon as the governing instrument? Taxes, while unquestionably an exciting cocktail party topic, are just not as important for many folks as more complex fuzzy personal topics.For example, one technique is to give someone a general power of appointment over a trust.That means they will be given the right to designate who will receive the assets of the trust. While layers of limitations can be placed on such powers they do bring increased layers of complexity.There are also a host of modifications or precautions you can consider: defer your right to receive any distributions for 10 years (the bankruptcy laws permit a trustee in bankruptcy to set aside transfers to self-settled trusts with 10 years); instead of having yourself listed as a beneficiary let a trusted person acting in a non-fiduciary capacity (i.e., not a trustee or trust protector) have the power to appoint descendants of your grandparents.Thus, you are not a beneficiary when the trust is created, so arguably the trust is not a self-settled trust.