My father wants to turn over his 401K, house, cars to me before he is deceased. How do I avoid inheritance/gift tax?

Gift taxes are not the issue in this case (although a gift tax return would likely be required) - it's income taxes. What you are suggesting could...

A quitclaim deed will work. Assuming you were the sole member, I would have it signed by you individually and as managing member. However,...

Is this irrevocable in my revocable trust in Florida?

Regardless of any other provisions, it appears that the trust is essentially revocable because you have the power to withdraw all the funds. To be...

What taxes will we pay if we transfer property to our son?

You will each need to file a gift tax return reporting the gift, but will not pay any gift tax assuming your one-half on the property is valued at...

You are not required to notify the beneficiaries. I recommend signing a document that says you are revoking your trust. Before doing so, make...

What business entity should I form as a new real estate investor?

A properly formed and operated Limited Liability Company is best in my opinion. The problem is that some banks won't lend to such LLCs or will...

There are a few options to consider, including distributions of income, investing for growth rather than income, and investing in municipal bonds. ...

How can avoid high trust taxes in Florida?

The IRA distributions received by the trust will need to be distributed to the beneficiaries in the same year (or 65 days after the close of the...

How to set up a trust for minor child as beneficiary for life insurance policy

The simplest way to accomplish this is to have a will prepared that contains a testamentary trust for your son. Then the beneficiary for the...

Do I have to pay an inheritance tax in the state of Florida?

No. Colorado law applies in this case, but Colorado does have have an inheritance or estate tax. Neither does Florida.