Search results
Results From The WOW.Com Content Network
A revocable trust lets you maintain control over your assets as long as you're alive. You can make changes, such as which assets are placed into the trust or who gets to benefit from the trust.
A revocable trust also allows you the freedom to change your mind about the trustees and beneficiaries. If family relationships, friendships, or business relationships change over time, you might ...
Whether you inherited the stocks through a brokerage, will or trust, calculating the cost-basis stays the same. However, the stepped-up rule only applies to inherited stocks (and other financial ...
A trust generally involves three "persons" in its creation and administration: (A) a settlor or grantor who creates the trust; [11] (B) a trustee who administers and manages the trust and its assets; and (C) a beneficiary who receives the benefit of the administered property in the trust. In many instances where a revocable living trust is ...
If a revocable living trust is used as a part of an estate plan, the key to probate avoidance is ensuring that the living trust is "funded" during the lifetime of the person establishing the trust. After executing a trust agreement, the settlor should ensure that all assets are properly re-registered in the name of the living trust.
A stepped-up basis can be higher than the before-death cost basis, which is the benefactor's purchase price for the asset, adjusted for improvements or losses. Because taxable capital-gain income is the selling price minus the basis, a high stepped-up basis can greatly reduce the beneficiary's taxable capital-gain income if the beneficiary ...
Trust distributions might be taxable, with the tax liability potentially varying based on factors such as the type of trust, the kind of distributions, and a beneficiary's tax bracket. With the ...
An inheritance is a windfall that can absolutely help someone's financial situation -- but it can make your taxes tricky. If you inherit property or assets, as opposed to cash, you generally don ...