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?
Thank you in advance!