Quote:
Originally Posted by justanormalgirl
If your estate is done in a trust and the property automatically becomes the full property of the next person do they still have an estate tax or inheritance tax?
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You can find most of the answers to your questions by putting a search on "Living Trusts." I just put a search and found this that may help to answer your questions:
"Individual trusts
To establish a basic living trust, the Grantor signs a document called a declaration of trust, which is similar to a Last Will and Testament. In the document, the Grantor typically names himself or herself as trustee, and transfers assets to that trust (i.e., the transfer is actually made from the Grantor to himself, as Trustee). Because the Grantor is named as the trustee, he or she maintains full control over the assets.
After the Grantor (or the Grantor and Grantor's spouse in the case of a joint trust) dies, the person identified as successor trustee in the trust document generally assumes that role. The successor trustee transfers ownership of the assets in the trust to the beneficiaries named in the trust document. In many cases, the whole process takes only a few weeks, and there are no lawyer or court fees to pay. When all of the property has been transferred to the beneficiaries, the living trust terminates."
I interpret this as if "there are no lawyer or court fees" then there would be no inheritance or estate taxes.