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    youthfulvocatio's Avatar
    youthfulvocatio Posts: 1, Reputation: 1
    New Member
     
    #1

    Jul 25, 2017, 12:08 PM
    What possible tax might be due as a consequence of giving money to another party to b
    If I establish a revocable living trust using a trusted friend as both grantor and trustee and myself as beneficiary and fund that trust with a bank account opened in the name of the trust, is there any potential tax ramification to consider other than a gift tax on my money transfer to my grantor?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Aug 1, 2017, 06:38 AM
    That is an exceptionally complex tax question which cannot be properly answered without having detailed knowledge of your total financial situation. Given these facts, I cannot give a concise answer.

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