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☆ 9 ways rich real estate owners save big on taxes from putting mansions in trusts to donating rental property income
  + stars: | 2024-04-25 | by ( Hayley Cuccinello | ) www.businessinsider.com   time to read: +9 min
The richest 0.1% of Americans own $1.8 trillion in real estate, according to the Federal Reserve. Currently, individuals and married couples can gift or bequeath $13.61 million and $27.22 million, respectively, before a 40% federal estate tax kicks in. Here are nine little-known techniques that wealthy real estate owners use to pay less to Uncle Sam:Qualified personal residence trusts, better known as "QPRTs," effectively freeze the value of a real estate property for tax purposes. With an FLP, an individual — often a parent or two parents — pools their business assets, commonly real estate or stocks. The heirs don't own the trust assets, but rather have lifetime rights to the trust's income and real estate.
Persons: Uncle Sam, Trump, Sam Walton, Wrigley, Jeff Bezos, Rich, Ron Wyden, PPLI, Jackie O, I've, Edward Renn, remarries Organizations: Federal, Business, Walmart, Biden, Blackstone, Lombard, Taxpayers, IRS Locations: Trump, Florida, Wyoming, Plenty
☆ 'You only get Social Security while you're alive,' expert says. What happens to benefits after you die
  + stars: | 2023-10-02 | by ( Lorie Konish | ) www.cnbc.com   time to read: +7 min
"You only get Social Security while you're alive," said Bruce Tannahill, a director of estate and business planning with MassMutual. "People need to take into account how important Social Security is in their estate planning," said Jim Blair, vice president of Premier Social Security Consulting and a former Social Security administrator. There are some key takeaways to know about what happens to Social Security benefits in the event you or a loved one passes away. If someone receives their monthly Social Security payment and then dies, the Social Security Administration may not take the money back, according to Blair. If a deceased beneficiary was due a Social Security check or a Medicare premium refund when they died, a claim may be submitted to the Social Security Administration.
Persons: Bruce Tannahill, Jim Blair, Blair, Tannahill, Joe Elsasser, Elsasser Organizations: Getty, Social, Premier Social Security Consulting, Social Security, Finance, Social Security Administration, Security
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