The four major taxes in gift and estate planning are estate taxes, estate and trust income tax, inheritance tax, and gift tax. In this journal, you will consider the similarities and differences between these major taxes. Additionally, you will explain why these are tax avoidance and not tax evasion.
This assignment will help you differentiate between the four major taxes in gift and estate planning while understanding how to properly advise clients. This will support you when you complete Milestone Two and the project.
Directions
Complete a 2-page journal.
Specifically, you must address the following rubric criteria:
Define the four major taxes in gift and estate planning. Include the following in your response:
Estate taxes
Estate and trust income tax
Inheritance tax
Gift tax
Discuss the tax benefits of various gift and estate strategies. Consider the following in your response:
Examples of advantages of tax avoidance
Helping clients understand the difference between avoidance and evasion
Discuss the tax consequences of various gift and estate strategies. Consider the following in your response:
Examples of potential tax evasion
Helping clients understand the difference between avoidance and evasion
What to Submit
Submit your journal as a 2-page Microsoft Word document with double spacing, 12-point Times New Roman font, and one-inch margins. Sources should be cited according to APA style.
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