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Now have the trust lease back the equipment to you, your corporation, limited partnership or hopefully a business trust. You make lease payments to the trust. The income is reported by your low-bracket children or perhaps your grandchildren.

For every $1,000.00 of lease payments you tranfer from the 40% bracket to the 15% bracket you save $250.00 per year. This income is considered unearned, so gift-leasebacks work best for kids 14 or over. For those under age 14, the first $600.00 is un-earned income and is tax free. The next $600.00 is taxed at 15%, but higher amounts are taxes at your rates, nullifying the tax break.

When the lease expires, set up the strust so the assets pass to your spouse or kids in order to save yourself some aggravation with the IRS. This type of tax shelter works best with assets that have been expensed or fully depreciated so you won't lose any tax breaks by making the gift.

Remember, for a gift-leaseback to hold up, you must relinquish control over the property. The trust must have an independent trustee. Most attorneys and banks recommend themselves. We suggest you make a close friend or and adult member of your family trustee and get a signed resignation to be held in escrow by you.

The leaseback must be in writing. The trustee must see to it that the lease is comparable to lease rates on similar equipment. There must be a real busienss purpose for the leaseback.

We recommend you check with your accountant and attorney on any advice you read here or anywhere for that matter. You must also have them check on any current changes in the tax code because the IRS is constantly moving the cheese.