Trusts are useful vehicles both during life and after death. This article examines how trusts are income taxed. Grantor trusts are taxed to the grantor, regardless of whether the income is distributed to them. Nongrantor trusts are separate taxpaying entities but get a deduction for distributions to beneficiaries. Read the article to learn more.
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a nongrantor trust and situations in which it might be useful.
or most people, one of the primary motivations for creating an estate plan is to ensure that their estate assets are distributed according to their wishes after they are gone. Most people also use a Last Will and Testament as the estate planning tool of choice to achieve that goal – at this in their initial estate plan. As your estate and your family grow, however, you may recognize the need to expand your estate plan as well.
Are you a philanthropist at heart? If so, giving is likely part of every aspect of your life. You undoubtedly have several charities or causes that are dear to your heart and to which you devote both time and money on a regular basis. If so, you also probably wish to include those causes in your estate plan as well. Including outright gifts to your chosen charities is one simple way to accomplish that goal; however, it is neither the only way nor the best way for most people to incorporate charitable gifting in their estate plan.
Requiring a prenuptial agreement before your spouse remarries can provide peace of mind and protect your spouse, your children, and their inheritance. If you leave your assets in a trust for your spouse and children, you can require your spouse obtain a prenuptial agreement before remarriage. This can protect your loved ones. Read on to find out more about prenuptial agreements.
Estate Planning addresses many concerns, not just taxes. It can protect beneficiaries from their own creditors, provide divorce and remarriage protection, and protect the benefits of children with special needs. Learn more about how Estate Planning can help protect your beneficiaries by providing privacy and other benefits.
ABLE accounts provide tax benefits and flexibility to disabled people. ABLE accounts are available to those disabled before age 26. Read on to learn more about ABLE accounts and how they can be used with a Special Needs Trust for maximum advantage.
As we turn the page and bid farewell to 2018, we look forward to 2019. This article summarizes the major changes for 2019, both in the tax area and in other areas. Read on to learn more.
Giving back provides many benefits, whether in life or at death. The article explores ways of giving back and some of the tax benefits available, both during life and at death. The article provides a couple strategies to maximize the tax benefits, such as grouping deductions and doing a charitable IRA rollover.