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The U.S. generation-skipping transfer tax (a.k.a. "GST tax") imposes a tax on both outright gifts and transfers in trust to or for the benefit of unrelated persons who are more than 37.5 years younger than the donor or to related persons more than one generation younger than the donor, such as grandchildren. [1]
Preparing for the future is always wise in terms of protecting your assets, but setting up a living trust vs. a will can be time-consuming and costly when you factor in fees for legal advice or ...
A dynasty trust is a trust designed to avoid or minimize estate taxes being applied to family wealth with each subsequent generation. [1] By holding assets in trust and making well-defined (or even no) distributions to beneficiaries at each generation, the assets of the trust are not subject to estate, gift or generation-skipping transfer tax (GST) taxes.
With a revocable living trust, the grantor who created it has the power to change the terms of the document or to get rid of the trust entirely (similar to being able to update your will).
There are many types of trusts, and each has its unique pros and cons. In … Continue reading → The post Don't Sleep on This Difference: Family Trust vs. Living Trust appeared first on ...
A living trust is a legal arrangement that allows you to pass assets on to other people. It's similar to a will in that regard, but with one key difference. The benefit of a living trust is that ...
But a living trust is usually exempt from probate because of the legal ownership of assets within the trust. When you pass away, the assets in the trust can generally be distributed to your ...
A living trust is a common solution for many people with estate planning needs. However, few people know about its tax-filing requirements. Generally, any trust with at least $600 in annual income ...