dino23
New Contributor
diane,
lets say i gained a large lump some of money (lets say 20 million) from a vehicle (stocks, sale of a business, however...). i paid the taxes on that money. then i choose to put a large portion of it in to a trust for a friend. how would the friend (trustee) be taxed on the money placed into his trust? im sure it's not the same taxiation as if i gave it to him out right, or is it? would he get the tax breaks on the money that a trust is eligible for? thanks for your time!
:thankyousign:
lets say i gained a large lump some of money (lets say 20 million) from a vehicle (stocks, sale of a business, however...). i paid the taxes on that money. then i choose to put a large portion of it in to a trust for a friend. how would the friend (trustee) be taxed on the money placed into his trust? im sure it's not the same taxiation as if i gave it to him out right, or is it? would he get the tax breaks on the money that a trust is eligible for? thanks for your time!
:thankyousign:
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