Legal Trusts

If you are named as a beneficiary of a trust, you may have a number of questions, including how becoming a beneficiary will impact your income tax bracket.

A trust is a separate legal entity that can buy, sell, hold and distribute property according to the terms set forth by the grantor. Some trust accounts use separate tax ID numbers while others...

An irrevocable trust can provide some significant tax benefits, especially for trust property that earns an income, and even more especially if the trust is worth millions of dollars or more. The...

An irrevocable trust can serve many purposes. A trust is a legal relationship that you can create to transfer or protect property. Irrevocable trusts are commonly used to safely hold property, to...

Most elders want to use the assets they have accumulated over the course of their lives for a happy retirement, then leave an inheritance to their family. Long-term health-care costs can swiftly...

Many people, to provide shelter and protection of the wealth and assets of their families, have used the tax benefits of a family trust. A family trust refers to the right of an individual or...

An irrevocable trust is one that cannot be revoked or amended by the person who creates the trust, or the grantor. These trusts are taxed as separate entities and at a fairly high rate, so it's...

Estate planning is an important concern for many people. Because doing it right means navigating complex IRS rules, most find it very beneficial to hire a professional estate planner or attorney...

Though the federal estate tax is based on a decedent's assets, it is the beneficiaries who really pay the price. But the estate tax is not limited to assets in the probate estate of a deceased...

An irrevocable trust is a separate taxable entity. It is distinguished from what are called "grantor trusts," the income of which flows through to the grantor's individual tax return. To qualify...

A legal trust that is not a grantor trust is a separate entity that can incur its own tax liabilities. It is therefore required to have its own Federal Employer Identification Number, also known...