According to new reports, presidential candidate Hillary Clinton has supported a death tax, which is a tax levied on the net value of the estate of a deceased person before the distribution to the heirs, but does not want to pay for it herself. In 2011, Clinton transferred the ownership of their New York house to residence trusts, which potentially could save them over a $100,000 in estate taxes.
"The goal is really be thoughtful and try to build up the nontaxable estate, and that's really what this is," said private wealth services attorney David Scott Sloan. "You're creating things that are going to be on the nontaxable side of the balance sheet when they die."
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