What are the estate tax effects of an installment loan?
Mary Ortega Asked: What are the estate tax effects of an installment loan?
One of my clients want an installment loan for their son. What are the tax effects of a note released through my client's will or trust? What would the tax effects be if the note is released in the loan agreement at the death of my client?
Answers:
Max Hoopla Answered:
There are too many variables for an answer in 25 words or less.This is a problem for an estate planner not a free quickie answer.
There are too many variables for an answer in 25 words or less.This is a problem for an estate planner not a free quickie answer.
tro Answered:
your question is most confusing, are you asking if an installment note can be issued to a son thru the trust of the parent?
this is probably more a legal question than one of taxes, and it would seem to me that the trust is not in the position of making such a contract but the terms of the trust would need to be accessed
your question is most confusing, are you asking if an installment note can be issued to a son thru the trust of the parent?
this is probably more a legal question than one of taxes, and it would seem to me that the trust is not in the position of making such a contract but the terms of the trust would need to be accessed