Grantor trusts are trusts which are income taxed to the “substantial owner” of the trust. Usually, the substantial owner is otherwise known as the “grantor” or “trustor.” Grantor trusts can be quite useful in tax planning. Read on to learn more. … [Read more...]
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Puppy Love: Planning Your Estate With a Pet Trust
We love our pets. Each year, Americans spend billions upon billions of dollars to make sure that our dogs, cats, and assorted other animal friends are well taken care of. Increasingly, pet owners are not just worried about providing for our pets during our lifetimes, we want to ensure that they get all the love and care they need after we’re gone, too. This is evidenced by the fact that an increasing number of states have passed laws allowing pet owners to establish trusts for their … [Read more...]
Taxation of Nongrantor Trusts
“Nongrantor” trusts are trusts which aren’t taxed to a substantial owner pursuant to the grantor trust rules. Such a trust must file its own tax return and the income of the trust would be taxed to it unless distributed. Read on to learn more. … [Read more...]
Living Trusts Enhance Privacy Protection
A common recurring nightmare is finding yourself in a public place without any clothing. This nightmare cuts to the heart of one of our primal fears: the fear of not having privacy and the protections which privacy provides. Today, nosy neighbors, or those with more malicious intentions, can find a great deal of information about you by doing simple online searches. If you value your privacy, you probably have an unlisted telephone number. But, did you know that someone may be able to find … [Read more...]
Tax Reporting with Trusts
Grantor trusts are trusts which are income taxed to the “substantial owner” of the trust. Usually, the substantial owner is otherwise known as the “grantor” or “trustor.” Nongrantor trusts are trusts which are not grantor trusts. But, what is the tax reporting for grantor and nongrantor trusts? Read on to learn more. … [Read more...]
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