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Posted by Ernie Klein on April 4, 2008, 4:29 pm
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> Hello All,
>
> Does anyone know what a Gift, Estate and Trust are used for and are
> they benifits? I believe a gift tax is just a tax on a certain amount
> of money over a limit? Estate is of course when someone dies and
> there property is worth a certain min amount of money, I assume.
> Trust don't really know much about this, I believe it is set up for
> individuals for inheritence? If anyone can help could you please
> explain each item as if you were explaining it to a first grader? I
> would like to know what the basis of each are and why they are used?
It this a serious question?
I would tell a first grader to start by looking the words up in a
dictionary. Then google the terms - you will find a wealth of
information.
Other than that, I do not see any tax related question in your post to
be answered in this moderated tax group.
--
-Ernie-
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