One is that if you die when the note is outstanding, the taxmen could impose capital gains tax on the sale to the trust.

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Since the law is unsettled about what happens if a grantor dies with a promissory note outstanding, Doyle said, he advises clients to pay off the note before they die.

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Note: If you die within three years of making a taxable gift, the original value of the gift and the gift tax get added back to your estate and the gift tax paid is credited toward your estate's tax bill.

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