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Family trusts are meant to live beyond the grantor's life. A family trust has an extended lifespan that enables it to distribute assets based on designated milestones (ie., marriage, having children).
A simple trust in Federal income tax law is one in which, under the terms of the trust document, all net income must be distributed on an annual basis. In the UK a bare or simple trust is one where the beneficiary has an immediate and absolute right to both the capital and income held in the trust.
A family business can be operated through a discretionary family trust, with the beneficiaries of that trust being paid a share of the profits made. This allows for the income made to be divided between family members, who then may each pay a lower rate of taxation than otherwise would be due.
For Federal income tax purposes in the United States, there are several kinds of trusts: grantor trusts whose tax consequences flow directly to the settlor's Form 1040 (U.S. Individual Income Tax Return) and state return, simple trusts in which all the income created must be distributed to one or more beneficiaries and is therefore taxed to the ...
A trust can be a useful estate planning tool, in addition to a will. You can use a trust to remove assets from probate, potentially minimize estate and gift taxes and ensure that assets are ...
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