Asked 2/25/2010
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CAn I avoid inheritance tax by investing my Mom's money in Collectable Gold Coins before she dies. My Mom's net worth is about 2.5 milliion. I have power of attorney, I am taking care of my Mom, paying bills, hiring lawyers, CPA's etc. She is 84 and no body in her family has lived past 85. If I make purchases of Collectible Gold coins to the tune of 1.5 million before 2011, when the Total Estate exeption goes back to 1 million, will I avoid hassels with the IRS and not have to pay Estate or Inheritance taxes on the 1.5 million sitting in Gold? |
Answer 1/1 - Submitted 2/25/2010
Or would it be easier to keep everything in the bank and have us setup a simple living trust naming me ( her son) as executor and funding the trust from the bank account. Would the 2.5 million be exempt from an inheritance tax or estate tax by having a living trust even if the inheritance exemption goes to 1 million in 2011?
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